The ANZ Fixed Rate Breakfree package has no loan application fee, or usual upfront fees like legal, settlement or valuation fees. These include no account fee on your transaction account (saving of $5 a month) and no annual fee on the ANZ Frequent Flyer Platinum Card, a saving of $295. But you will pay an $395 annual package fee for the life of the loan so make sure that you also take advantage of the flexible features to make the most of the savings offered.
You can make extra repayments up to a set limit but as with all fixed rate loans there isn't the ability to redraw if you need the funds at a later date. There isn't a maximum loan amount with the Breakfree fixed package and you can borrow up to 90% LVR.
While the ANZ Breakfree Package gives you a 0.15% p.a. discount off the standard ANZ fixed rates for terms 1,2,4 and 5 years, there are different fixed rates for owner occupiers vs investors.
If you call the property home, with the ANZ Breakfree Package you will receive a competitive 3.99% for 1 year, 3.88% for 2 years, 3.99% for 3 years, 4.39% for 4 years and 4.49% and 5 years.
By comparison, the rates are slightly higher if you are an investor, with 4.29% fixed rate for 1 year, 4.19% for 2 years, 4.29% 3 years, 4.69% for 4 years, and 4.79% for 5 years.
Who it's good for:
Borrowers that want simplified banking by bundling all of their major banking products - home loan, credit card and transaction account - with the one bank and want to stick to one of the major 4 players.
Just keep an eye on the end date of the fixed loan period and compare to make sure that the variable rate revert rate is competitive with other loans on the market for the same features.