Browse Forums Home Finance 1 Nov 25, 2009 12:03 pm I am looking to get ANZ simplicity plus. However I have a few questions, and would appreciate if anyone can answer them. 1. Is it daily reducing. (if I make extra payments would it be deducted from the amount owing on the day I deposit them) 2. Does additional payments reduce Principal immediately? or is it merely a 100% offset? 3. How often do you get statements with this loan? Is it monthly or 6 monthly? If it is 6 monthly, you should be able to check online banking in the meanwhile to see how much you owe on the loan and how much you have paid off? 4. If you need to withdraw additional payments you have made (min. 2000 AND $25charge) can you do that yourself through Internet banking or should you contact the bank? I have been rather confused about extra payments with this loan. I have asked several people at the bank and they confuse me more. One said, any amount I put in extra won't take off the principle. But, it would 100% offset for the loan amount. I thought if it 100% offsets the loan amount, it is like taking off the principle!! Don't see the difference. Anyone with this loan - explain please? Re: Does anyone have ANZ Simplicity Plus? 2Nov 25, 2009 3:21 pm Hi, I have this loan. To answer your questions 1. I think so, I believe all banks calculate interest daily 2. It reduces immediatley there is no offset 3. I think I have had one statement in 3 months, I can check my loan daily on the internet. 4. To redraw you can do it online, but it takes a few days, I just ring the bank and they do it instanteously. There is no offset account, if you owe $100,000 and you pay in $1000, then you owe $99,000. Offsets can be handy, say you have $5000 cash, instead of putting it in a everyday savings account, or even an online savings account where you get roughly 4.5%. An offset account basically takes that $5000 off the mortgage, so instead of interest of $100,000 you pay interest on $95,000. This ANZ simplicity does not have this offset. Re: Does anyone have ANZ Simplicity Plus? 3Nov 26, 2009 12:18 pm Thanks for replying my question. I am a first time home buyer. I still have another questions - can I ask you? Say I have a loan for 200K - and the interest rate is 6% on variable. Do they take it monthly by direct debit? And let's say the next month the rate goes up to 6.25% - do they automatically calculate for that rate for the day it came into effect and direct debit it? You mentioned you check your loan online daily. So, can you see - what dates the interest rate has changed? And how much loan amount the interest is being charged and so forth? Is it detailed online on the internet banking? Or do you have to do a lot of computing to verify? Sorry if I sound naive about home loans. Re: Does anyone have ANZ Simplicity Plus? 4Nov 26, 2009 12:42 pm rolandd I am a first time home buyer. I still have another questions - can I ask you? No...well OK... rolandd Say I have a loan for 200K - and the interest rate is 6% on variable. Do they take it monthly by direct debit? The interest is added to your loan on a nominated day per month...principal plus interest payments as per your loan documention are deducted from a nominated account on whatever basis agreed to in the loan documentation...monthly, weekly, fortnightly. They set a minimum payment amount at the time of setting up the contract to pay your loan off in the time period nominated...but you can increase this or pay an additional amounts to "get ahead". The Simplicity account allows for that. rolandd And let's say the next month the rate goes up to 6.25% - do they automatically calculate for that rate for the day it came into effect and direct debit it? Interest is calculated on the daily balance...so the interest is calculated at an effective daily rate and charged monthly. They will advise you what date the interest changes and then the effective daily rate changes on that day. In your statement you will see a line item say "Interest changed to X.XX%" or some such...both on paper and online. rolandd You mentioned you check your loan online daily. So, can you see - what dates the interest rate has changed? And how much loan amount the interest is being charged and so forth? Is it detailed online on the internet banking? Or do you have to do a lot of computing to verify? See above for date of interest but yes you simply navigate to the "loans" section....click on your loan...and you can see all the details...interest rate...amount in advance...when interest will be charged...what the current direct debit payment is....yadda...yadda Redraws can be done online...usually takes 5 days to clear...other changes to loans, eg. increasing the loan amount, going to interest only, etc would need to be done at a branch. rolandd Sorry if I sound naive about home loans. Gotta start somewhere....best of luck... mmm....donuts Homer Simpson 1956- Links: Site Costs Ready Reckoner | H1 Addiction Medical Advice | Château TDL: The Backyard Re: Does anyone have ANZ Simplicity Plus? 5Nov 26, 2009 4:30 pm I am currently on interest only. They take the required amount by direct debit, even if I pay money in the day before, they take the full amount by direct debit. Interest for me is not added to my loan, since it is interest only this is the only amount of money I pay, so my loan is not getting any smaller, or larger. Yes the interest is automatically calculated. No they do not inform you of when the interest rate changes, you just need to check online. You do not get to see the dates of the changes. I have no idea how much repayment is taken out each month, it changes depends on the interest rate and how much I have paid back. Quote: Redraws can be done online...usually takes 5 days to clear This is not true, you can redraw via the telephone and the money is available to use that minute. Re: Does anyone have ANZ Simplicity Plus? 6Nov 26, 2009 5:25 pm buildingwithhamra I am currently on interest only. They take the required amount by direct debit, even if I pay money in the day before, they take the full amount by direct debit. Interest for me is not added to my loan, since it is interest only this is the only amount of money I pay, so my loan is not getting any smaller, or larger. Yes...interest only is available on ANZ Simplicity. Principal plus interest loan they add the interest and then deduct a repayment amount which at a minimum an amount required to pay the loan off in the period required or greater amount if you are wanting to pay it off at a greater rate. The frequency of the repayment can be weekly, fortnightly, and monthly. buildingwithhamra No they do not inform you of when the interest rate changes Babow...the ANZ do via a letter. buildingwithhamra You do not get to see the dates of the changes. Babow...the ANZ do on the website...note "Rate Change"...they also send a letter http://i241.photobucket.com/albums/ff2/mikeb1968/ANZ.jpg buildingwithhamra I have no idea how much repayment is taken out each month, it changes depends on the interest rate and how much I have paid back. On interest only yes it fluctuates depending on the interest rate...if you are on interest only how can it fluctuate any other way as you are not paying the principal off... ...anyway...if you are paying principal and interest they set a payment for you which is the amount you need to pay off the loan in the loan period...this will then vary with the interest rate and the remaining principal...and the ANZ advises you on the website what the minimum repayment amount is...viewed in Loans > View Account Details > Minimum Repayment Amount...and also via mail if the repayment amount no longer covers what is required to be paid back and needs to be changed due to an interest rate increase. As mentioned before you can pay a larger amount and pay it off quicker, or get ahead of the loan and redraw. Quote: Redraws can be done online...usually takes 5 days to clear. This is not true, you can redraw via the telephone and the money is available to use that minute. Ahem...that is true for the ANZ (phone or internet) and it says so in my loan document...although truth be told on average this has usually only taken 3 days....guess they're just managing expectations. You are aware the OP was asking about the ANZ...? mmm....donuts Homer Simpson 1956- Links: Site Costs Ready Reckoner | H1 Addiction Medical Advice | Château TDL: The Backyard Re: Does anyone have ANZ Simplicity Plus? 8Nov 27, 2009 10:46 am rolandd "OP was asking about the ANZ" The original poster (OP) was asking about the ANZ...other banks may be different...by the by my mortgage is with ANZ. mmm....donuts Homer Simpson 1956- Links: Site Costs Ready Reckoner | H1 Addiction Medical Advice | Château TDL: The Backyard Re: Does anyone have ANZ Simplicity Plus? 10Dec 02, 2009 12:50 pm I once had a customer complain about the lack of any correspondence when his rate went up between the printing of his loan contract and settlement. The bank's reply was "We do not have send letters advising of rate changes, only letters advising of repayment amount changes". And because he had not made a single loan repayment at that stage, there was no need for a letter. Re: Does anyone have ANZ Simplicity Plus? 11Dec 03, 2009 8:14 pm I have made numerous complaints to ANZ because with there ANZ1 account,which is a offset account linked to your home loan,calculations have to be done manually to know what your repayment is going to be at the end of the month or wk etc .Reason being your repayment fluctuates because of the balance in the offset account and less frequently the rate. ANZ being 1 of the big 4 need a simple soft system that works it out for you as soon as you log on to net banking ..hey but they cant be bothered ..CBA has it why not ANZ!!! Re: Does anyone have ANZ Simplicity Plus? 13Dec 31, 2009 10:06 am Quote: On interest only yes it fluctuates depending on the interest rate...if you are on interest only how can it fluctuate any other way as you are not paying the principal off... The monthly interest only repayment amount depends on the number of days in the month. In a 31 day month the interest debited from your account will be greater than the amount debited in a 30 day month. Patrick O'Brien Re: Does anyone have ANZ Simplicity Plus? 14Feb 22, 2010 2:16 pm One of my customers are about to have this loan but ANZ assessor or loan documentation team made a mysterious mistake where they processed the reinance loan in the wrong manner. When I discovered, they eagerly tried to pass the blame to me saying "You did not prepare the application properly". When I emailed them 3 bits of crucial evidence showing that the application was perfectly clear and that they disregarded my notes on the application, messages and faxed advice (which the assessor read as he took certain parts of the fax and used it), the tone of the staff member changed to "OK you did prepare it properly, but it's too late to correct any error" So we are in limbo for the last 5 business days with no new documents sent. One staff member tells me "Correct Documents sent last tuesday". Another staff tells me today "Document Issue request stuck in queue and i don't know why". In the meantime, settlements team are not continuing with the slow refinance method with no knowledge of the attempts to correct it. Re: Does anyone have ANZ Simplicity Plus? 15Feb 23, 2010 1:17 pm thlo So we are in limbo for the last 5 business days with no new documents sent. One staff member tells me "Correct Documents sent last tuesday". Another staff tells me today "Document Issue request stuck in queue and i don't know why". In the meantime, settlements team are not continuing with the slow refinance method with no knowledge of the attempts to correct it. What ANZ blaming you for their mistakes and everything is uncertain because they won't fix it? That's so hard to believe. Are you sure? That's so unlike a major bank Re: Does anyone have ANZ Simplicity Plus? 16Feb 23, 2010 8:30 pm woohoops thlo So we are in limbo for the last 5 business days with no new documents sent. One staff member tells me "Correct Documents sent last tuesday". Another staff tells me today "Document Issue request stuck in queue and i don't know why". In the meantime, settlements team are not continuing with the slow refinance method with no knowledge of the attempts to correct it. What ANZ blaming you for their mistakes and everything is uncertain because they won't fix it? That's so hard to believe. Are you sure? That's so unlike a major bank I am still holding my breath. Re: Does anyone have ANZ Simplicity Plus? 18Feb 26, 2010 1:56 pm NO, apparently they have been preparing these loan documents for the last two days now. Well it took 7 business days to start preparing the loan documents after the request to start them urgently, another 2 days to actually prepare seems reasonable. That is if we didn't know any better. 1000000% definitely add insulation. I have in my home and it makes a big difference minimising sound transfer. Insulation is pretty cheap and definitely worth it 2 6209 We are building a house that was planned to be clad in Hardie Linea, our builder has now requested to swap this for BGC Nuline Plus. They look fairly similar and he has… 0 634 I've just built 3 stairs off a landing out the back and been told by the private certifier I need hand rails sorry tried to attach a pic but couldn't mine don't have sides… 5 5720 |