Last Updated: 28th April, 2023

Why ANZ Refinance?

The Australian and New Zealand Banking Group (ANZ) is one of the top four banks in Australia and has been a leader in the Australian mortgage industry for decades. This makes it easy for customers to trust the bank’s products. That’s why thousands of customers attempt to refinance with ANZ every year.

Excellent For Existing Customers

ANZ offers low-risk home loans and good deals on refinancing home loans, especially for existing customers. At Home Loan Experts, we have a good relationship with the bank, and our mortgage brokers can sometimes negotiate a better refinance deal than advertised. To learn more, please give us a call on 1300 889 743 or fill in our free assessment form.

ANZ Refinance Cashback Offer

You can get up to $3,000 cashback when refinancing with ANZ. The rebate is valid for all home loan refinancing applications submitted by November 7, 2021.

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How Long Does It Take To Refinance With ANZ?

On average, ANZ takes 7-10 working days to get back to you once you submit a loan application. The whole refinancing process can take anywhere from 30-60 days, depending on the complexity of your application. To put that into perspective, some lenders take 3-5 business days to acknowledge a home loan application and the refinancing can be settled within 15-45 days. Large banks like ANZ process more loan applications, so the turnaround time can be substantially longer than at smaller lenders.

Is ANZ Refinance For Everyone?

ANZ caters to the mass market and may not suit everyone’s specific needs. It’s better to consider other lenders for refinancing if:
  • You have bad credit on your credit file, regardless of whether it has been paid off or not.
  • You are a self-employed borrower who has various alternative sources of income, like bonuses and overtime.
  • You want a quicker turnaround on your refinance application.
  • You’re refinancing with more than 80% owing on your current mortgage.

Should I Refinance My Home Loan?

Benefits of Refinancing Home Loan Costs of Refinancing Home Loan
Better Interest Rate Fees charged by the new lender (loan application fee, valuation fee, settlement fee)
Rebates or cashbacks Fees charged by the existing lender (discharge fee, break costs)
An optimal mortgage option based on your current needs can be selected. Government fees may apply.
Can be used for debt consolidation, accessing equity or renovation. Lenders Mortgage Insurance fee, if you owe more than 80% on your existing loan.
Access to various additional features on the loan.

How Do You Know When It’s Time To Refinance?

As a general rule, it’s good to review your home loan if the fixed-rate term of your loan is coming to an end. When your fixed-rate term ends, your home loan switches to the standard variable interest rate and that may not be the best deal for you. Even if you’re on a variable rate from the start, consider refinancing anywhere from the 2- to 4-year mark, because you may get a better deal than the one you’re on currently. You could also choose to refinance:
  • To get out of a bad credit home loan. If your bad credit doesn’t show on your credit file anymore, you should definitely consider refinancing.
  • If you want to consolidate debt, access your equity or renovate your property.
  • If your mortgage is in arrears, and you want to shift to a specialist lender.

Why Should I Use Home Loan Experts Instead Of Going To ANZ Directly?

It’s not uncommon for mortgage brokers to negotiate with the bank before submitting a loan application. With years of experience working with ANZ, mortgage brokers at Home Loan Experts know how to strengthen your refinance application when submitting it to the bank. Depending on the size of your loan, size of your deposit and other factors, you may be able to get a better deal than ANZ has advertised, saving you thousands of dollars over the loan term. When the time is right for you to refinance, Home Loan Experts will ask for pricing from more than one bank, so you can get the deal that suits your needs most. We can also help you decide on various additional features, such as offset accounts, redraw facilities and extra repayments. Going to a bank directly seems like a good idea, but in most cases, it takes up too much of your time and energy. Our mortgage broker will take all of that off your plate for free! All you need to do is give us a call on 1300 889 743 or fill in our free online assessment form, and we will get back to you right away to discuss your options with you.