Loan Tip: Home Loan Repayment Deferral with ANZ – Not if you have redraw?

Discussion in 'Loans & Mortgage Brokers' started by Terry_w, 31st Mar, 2020.

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  1. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Loan Tip: Home Loan Repayment Deferral with ANZ – Not if you have redraw?


    It seems that ANZ is offering repayment deferrals for home loan customers:

    · For Up to 6 months

    · With Interest Capitalised*

    However, they imply that the deferring of home loan repayments may not be available to borrowers who have amounts available in redraw when they write:

    If you don’t have a redraw balance available, you can request to defer home loan repayments for up to six months, with interest capitalised


    This implies that if you do have a redraw balance available you cannot request to defer repayments.

    Their note to capitalised says:

    * Interest capitalisation is the addition of unpaid interest to the outstanding loan balance. The outstanding loan balance increases when payments are postponed during periods of deferment or forbearance and unpaid interest is capitalised.
     
    Terry_w, 31st Mar, 2020
    #1
  2. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Sounds pretty fair. I wonder what happens when you have an offset ? Rejected. Use your offset first ? Or some of it...?
     
    Paul@PAS, 31st Mar, 2020
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  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Needs Basis

    ta
    rolf
     
    Rolf Latham, 31st Mar, 2020
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  4. JasonC

    JasonC Well-Known Member

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    I'm sure I read somewhere one of the banks suggesting to withdraw available redraw BEFORE applying for the repayment holiday ... Straight from the CBA site:

     
    JasonC, 31st Mar, 2020
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  5. Alex P Keaton

    Alex P Keaton Well-Known Member

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    I rang ANZ. I won’t qualify for deferral because I didn’t lose my job but good news is I found that I have $1250 sitting in redraw that I have access to that I didn’t know about so good news is money won’t be coming out of my account this month. It’ll be coming out of redraw.

    I haven’t been able to get through to the internet banking team yet to confirm. They hung up on me after a 15 minute wait but I spoke to a man in a different team yesterday who told me he has cancelled my payment for tomorrow.
     
    Alex P Keaton, 1st Apr, 2020
    #5