The Breakfree package home loan bundles your home loan, credit card and bank account to give you great savings.
With the home loan, the package gets you a discounted rate but there are a range of rates available depending on both your loan amount and the loan to value ratio. The most competitive rate is for loans over $500,000 with an LVR of 80% or less at 4.30%. Have an LVR of over 80% and the rate jumps 0.05% to 4.35%.
If you are borrowing between $250K - $500K with an LVR of 80% or less (the category we looked at for our Experts Choice Awards) the rate is 4.40%, with and LVR over 80% and the rate is 4.45%.
You can tailor your repayments to suit you, and not the banks pay cycle so weekly, fortnightly and monthly options are available for repayments.
There is a $395 annual package fee with the ANZ Variable Breakfree Package but the benefits you get by bundling should make up for this cost, especially if you choose to do all of your banking with ANZ. The account fee on your transaction account will be waived (a savings of $5 a month), no annual fee on a ANZ Frequent Flyer Platinum Card (a $295 saving) and you won't pay offset account or loan approval fees.
Who it's good for:
Borrowers who want to bundle their main banking products with the one provider to save on fees and want access to a Big Bank branch network.
As with any package, just be sure that you are not paying for things you don't or will ever use. Be sure to take advantage of all of the benefits offered by ANZ to bundle your home loan with your credit card and transaction account.