Extra ways to reduce interest costs

How one-off payments and reviewing your service providers could help you repay your loan a little faster. 

Pay all fees upfront

If you can, pay any loan establishment fees or legal fees up front from your own savings rather than adding this amount to your loan.

Make your first repayment as soon as you can

You can make your first repayment as early as two business days after your loan draws down. Interest is calculated daily, so every day you have a reduced balance counts. 

Review your service providers regularly

Review your service providers to ensure you’re getting the best value. Any money you save on utilities, for example, can be put towards your loan. 

Review your loans regularly

Circumstances change so be sure to review your loan regularly. If your circumstances improve, consider whether you can afford to increase your repayments. To give you the ability to make extra repayments whenever you like, consider a floating ANZ Home Loan or an ANZ Flexible Home Loan which provide greater flexibility to make extra repayments.

Make lump sum payments

On a fixed ANZ Home Loan, you can make one extra repayment of up to 5% of the current loan amount each year of your fixed rate period, without being charged Early Repayment Recovery. 

Early Repayment Recovery is an amount you pay us to reflect the loss we incur when you repay some or all of the loan early during a fixed rate period. Talk to us before you decide to repay early, as any Early Repayment Recovery could be large.  

On a floating ANZ Home Loan you can make extra repayments whenever you like – a minimum repayment amount may apply.

Work it out

Talk to an ANZ Home Loan Coach

ANZ Home Loan Coaches can help you set up or restructure your home loan to suit your circumstances – and help you set your repayments to pay it off faster.

Call us today or book an appointment in branch with an ANZ Home Loan Coach.

Find out more about paying your home loan off faster

Important information

ANZ lending criteria, terms, conditions, and fees apply. Interest rates and fees are subject to change.  

A copy of the Bank's General Disclosure Statement  under the Reserve Bank of New Zealand Act 1989 is available on this website or on request from any ANZ branch, free of charge.

Our financial advice provider statement has some important information you should know about ANZ and our financial advice services. Please take the time to read it.