Interest rates and fees

  • Fees: For customers impacted by COVID-19 we will waive loan application and top-up fees until further notice.
  • Early Repayment Recovery: Customers wanting to break their existing Fixed Home Loan early will be subject to the standard process and this may include an Early Repayment Recovery (ERR) or Non-Utilisation Recovery (NUR). ANZ will consider waivers due to hardship, please see our FAQs.


Restructuring existing lending to reduce payments 

The following temporary Home Loan Policy changes have been made for customers with existing home loans and business home loans that are not in arrears and state they can meet the new loan repayments.

  • Principal & interest (P&I) term extensions: Can be completed using the COVID-19 Simplified Affordability Assessment where customers want to extend back to 30 years from loan drawdown.
  • Interest only (IO) repayments for up to 12 months: Restructures from P&I to IO can be completed using the simplified affordability assessment for up to 12 months or the remaining term of their ANZ Fixed Home Loan interest rate up to 24 months. We have increased our LVR maximum to 80% LVR (previously 70%) for these specific requests.


Customers in hardship

If a customer is experiencing financial hardship and is unable to meet the new proposed repayments, our standard unforeseen financial hardship process must be followed. It is important they speak with us as soon as possible.  Please refer the customer to the Contact Centre on 0800 240 438 (weekdays 8.30am-8pm, weekends 9am-5pm) and note that wait times for our Contact Centre are longer than usual, or direct them to the Financial Hardship web page


We are getting a number of queries following our recent communications.  To help you with your conversations with our mutual customers, we have listed some of the common questions being asked.
Interest Only loans
  • ANZ currently sets Interest Only loans for the period of the Interest Only term. This means the term of the Interest Only period is the new maturity date of the loan as outlined on the Loan Variation Letter (LVL).
  • If the customer is already on a fixed term then the Interest Only term must be equal to or more than the fixed term period, it cannot be shorter. The maximum Interest Only term for COVID-19 impacted customers is up to 24 months. 
  • Customers with loans that are currently fixed for longer than 24 months will need to consider other options such as breaking their existing term (Early Repayment Recovery is likely to apply) and renegotiating their fixed rate or move to floating loan. Alternatively, Loan Repayment Deferral (LRD) may be an option.
  • It’s important to note that Interest Only loan repayments are made on the 1st business day of every month. This means that despite their previous repayment frequency a customer moving their loan to Interest Only will have their repayments deducted on the 1st business day of the month.
  • Interest Only payments vary each month depending on the number of days in each month (i.e. it’s not a fixed repayment each month).
COVID–19 assistance requests

To help us process these requests, we do require you to give us some details on what the change in the customer’s circumstances has been (i.e. customer has taken 3-months unpaid leave, customer is only receiving 80% of their income at present etc.). If the customers have completely lost their income and/or are unable to service the debt at the conclusion of their requested new structure, you can refer customers to the Financial Hardship portal:


Last updated on 31 March 2020