CBA mortgage customer? You may have just been moved to minimum repayments
![](http://cdn.mozo.com.au/images/atwood/10322/commonwealth-bank-branch-and-customers_content.jpg)
Starting today, the Commonwealth Bank (CBA) will automatically switch 748,000 home loan customers onto the minimum repayments required to service their loans.
CommBank customers who are currently making more than the minimum repayments towards their mortgage will be moved to the minimum required between May 1-5, though those already paying the minimum will be unaffected.
While borrowers who wish to continue to pay more than the minimum will still be able to, they’ll only be able to from May 6 after contacting the bank or making the change themselves online.
According to the Commonwealth Bank website, the decision is part of a wider initiative to protect the financial wellbeing of customers and put more money back in their pockets during the COVD-19 pandemic.
“We're currently experiencing an unprecedented period of economic disruption, and it‘s important that we do our part to support our customers and communities through this difficult time,” as per the CommBank site.
“We've already seen the number of customers reducing their repayments to the minimum increase substantially in March, and this change will assist customers who may require access to the additional cash flow.”
However, the move has been also met by criticism, including thousands of complaints from Commonwealth Bank customers unhappy with the bank’s decision.
“I understand why some customers are frustrated at not having been given a choice up front,” said Mozo Banking Expert, Peter Marshall. “There’s no reason why the bank couldn’t have simply reminded customers who are paying more than they need too that they have the option of reducing their payments, rather than imposing a blanket change.”
“A lot of people will have made a conscious decision to pay their loan off faster than they need to. And if they have their eyes off the ball - which may well be the case at the moment - and they forget to switch back to their normal repayments, it could very well end up costing them.”
According to Mozo’s extra repayments calculator, paying an extra $100 a month on a $400,000 home loan (3.50% interest rate) over 25 years would result in the loan being paid off 22 months earlier and a saving of $16,403 in interest, compared to a situation where normal repayments were being made.
RELATED: 1,000 CommBank customers have already bought property using First Home Loan Deposit Scheme
Looking for another way to reduce your mortgage repayments? Switching to a lower rate could be just the ticket. To start comparing, check out the great offers below, or check out the Mozo home loan comparison table for the latest rates from 80 different lenders.
Home loan comparisons on Mozo
Promoted
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Mozo experts choice awards won:
- Low Cost Home Loan - 2024
Unloan Variable
- Owner Occupier
- LVR <80%
- Interest rate
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5.99
%
p.a.
Variable
- Comparison rate
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5.90
%
p.a.
- Initial monthly repayment
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$2,995
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
- Interest rate
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5.99
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5.90
%
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- Upfront fees
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$0
- Ongoing fees
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$0.00
- Discharge fee
-
$0.00
- Extra repayments
-
yes - free
- Redraw facility
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yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $10,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
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6.14
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6.16
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- Initial monthly repayment
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$3,043
Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.
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6.14
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6.16
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- Upfront fees
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$350
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$0.00
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$400.00
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yes - free
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yes - free
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no
- Maximum loan to value ratio
- 60.00%
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- $150,000
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6.09
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$3,027
Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
- Interest rate
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6.09
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$250
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$0.00
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$300.00
- Extra repayments
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yes - free
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yes - free
- Offset account
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no
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $80,000
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- $5,000,000
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6.09
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6.13
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$3,027
Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.
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6.09
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6.13
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- Upfront fees
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$595
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$0.00
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$250.00
- Extra repayments
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yes - free
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yes - fees apply
- Offset account
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no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- -
- Type of mortgage
- Variable
- Repayment types
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- Availability
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5.69
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6.34
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$2,899
Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.
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5.69
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6.34
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- Upfront fees
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$0
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$0.00
- Discharge fee
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- Extra repayments
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yes - free up to $20,000 p.a. during fixed rate term
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yes - free
- Offset account
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no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- -
- Maximum borrowing amount
- $2,500,000
- Type of mortgage
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Read our Mozo Review to learn more about this South West Slopes Bank Optimum Fixed Rate Home Loan
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Mozo experts choice awards won:
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- Interest rate
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5.99
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p.a.
Variable
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5.90
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p.a.
- Initial monthly repayment
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$2,995
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
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5.99
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5.90
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- Upfront fees
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$0
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$0.00
- Discharge fee
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$0.00
- Extra repayments
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yes - free
- Redraw facility
-
yes - free
- Offset account
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no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $10,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
- Repayment types
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Read our Mozo Review to learn more about this Unloan Unloan Variable
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OMG Home Loan
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5.99
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$2,995
BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.
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$300
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$0.00
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$395.00
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yes - free
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yes - free
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no
- Maximum loan to value ratio
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5.99
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$2,995
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$250
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$250.00 yearly
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$300.00
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yes - free
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yes
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- -
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$3,001
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6.01
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- Upfront fees
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$134
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$10.00 monthly
- Discharge fee
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$350.00
- Extra repayments
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yes - free
- Redraw facility
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yes - free
- Offset account
-
yes
- Maximum loan to value ratio
- 90.00%
- Minimum borrowing amount
- $5,000
- Maximum borrowing amount
- $3,000,000
- Type of mortgage
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6.09
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p.a.
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6.11
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p.a.
- Initial monthly repayment
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$3,027
Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
- Interest rate
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6.09
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p.a.
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- Comparison rate
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6.11
%
p.a.
- Upfront fees
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$250
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$0.00
- Discharge fee
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$300.00
- Extra repayments
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yes - free
- Redraw facility
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yes - free
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no
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- 60.00%
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- $80,000
- Maximum borrowing amount
- $5,000,000
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Special Real Deal Home Loan
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- Principal & Interest
- LVR <80%
- Interest rate
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6.09
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p.a.
Variable
- Comparison rate
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6.13
%
p.a.
- Initial monthly repayment
-
$3,027
Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.
- Interest rate
-
6.09
%
p.a.
Variable
- Comparison rate
-
6.13
%
p.a.
- Upfront fees
-
$595
- Ongoing fees
-
$0.00
- Discharge fee
-
$250.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - fees apply
- Offset account
-
no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- -
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special offers
- $2,000 online cashback when for refinance or purchase loans of $250,00 -$499,999.99, $3,000 for loan amounts of >$500,000.
Read our Mozo Review to learn more about this Newcastle Permanent Special Real Deal Home Loan
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Basic Home Loan
- Owner Occupier
- LVR<60%
- Principal & Interest
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
-
6.16
%
p.a.
- Initial monthly repayment
-
$3,043
Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
-
6.16
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge fee
-
$400.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
- Repayment types
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- Owner Occupier
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Flex Home Loan
- Owner Occupier
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6.14
%
p.a.
Variable
- Comparison rate
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6.38
%
p.a.
- Initial monthly repayment
-
$3,043
Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
- Interest rate
-
6.14
%
p.a.
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- Comparison rate
-
6.38
%
p.a.
- Upfront fees
-
$250
- Ongoing fees
-
$250.00 yearly
- Discharge fee
-
$300.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
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yes
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- -
- Maximum borrowing amount
- -
- Type of mortgage
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Offset Home Loan
- Owner Occupier
- LVR<60%
- Principal & Interest
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
-
6.39
%
p.a.
- Initial monthly repayment
-
$3,043
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
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6.39
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
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$248.00 yearly
- Discharge fee
-
$400.00
- Extra repayments
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yes - free
- Redraw facility
-
yes - free
- Offset account
-
yes
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
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Basic Home Loan
- Fixed
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- Principal & Interest
- LVR<70%
- Interest rate
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6.25
%
p.a.
Fixed 3 years
- Comparison rate
-
6.20
%
p.a.
- Initial monthly repayment
-
$3,079
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.
- Interest rate
-
6.25
%
p.a.
Fixed 3 years
- Comparison rate
-
6.20
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
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$0.00
- Discharge fee
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$400.00
- Extra repayments
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yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 70.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
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Offset Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR <70%
- Interest rate
-
6.25
%
p.a.
Fixed 3 years
- Comparison rate
-
6.42
%
p.a.
- Initial monthly repayment
-
$3,079
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-
6.25
%
p.a.
Fixed 3 years
- Comparison rate
-
6.42
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$248.00 yearly
- Discharge fee
-
$400.00
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Offset account
-
yes
- Maximum loan to value ratio
- 70.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
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Fixed Rate
- Owner Occupier
- Principal & Interest
- <80% LVR
- Interest rate
-
6.54
%
p.a.
Fixed 2 years
- Comparison rate
-
7.10
%
p.a.
- Initial monthly repayment
-
$3,174
Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.
- Interest rate
-
6.54
%
p.a.
Fixed 2 years
- Comparison rate
-
7.10
%
p.a.
- Upfront fees
-
$160
- Ongoing fees
-
$0.00
- Discharge fee
-
$160.00
- Extra repayments
-
yes - free up to to lesser of 5% of original fixed loan amount, or $5,000 each year
- Redraw facility
-
no
- Offset account
-
Optional - $10 per month - 1 year fixed term only
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $20,000
- Maximum borrowing amount
- -
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special offers
- $3,000 cashback for eligible First Home Buyers, $2,000 cashback when you refinance loans of $250k+, apply from 1 Dec 2022, settle within 180 days.
Read our Mozo Review to learn more about this ANZ Fixed Rate
Want to speak to someone about refinancing?
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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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