My husband and I have full time jobs. His income is 95,000 and mine is 72,000 and our home loan is ANZ, $490,000. We just checked our internet banking and the rate on the loan is 4.62% and we would like to ask if that is too high and what should it be. We do have a credit card limit of $5,000 but we very rarely use it?

Hi Pam,

In this case you rate will be determined by what product you have with ANZ, and what the value of your house is. If you are on a basic ANZ product like Simplicity Plus you should expect a rate closer to 4% (at least that is what they are offering new to bank customers).

If you have a Breakfree Package you should be closer to 3.94% for variable and maybe as low as 3.88% for fixed rate loans (2yrs). Again that is what they are offering my new clients on any Loan to value ratio (LVR)

If your LVR is lower than 80% I would expect a slightly better rate, I have seen as low as 3.79% from other banks.

If you have a broker, ask them to review your situation and find a deal that suits your needs and goals and they should be able to point you in the right direction as all of the above information I have provided is generic and only based on the information you have provided.

If you don't have a broker, you should find one as they will be able to look at lots of options for you and advise is ANZ is still right for you. A broker doesn't generally cost you anything to use and they do all the legwork for you so you don't have to research each banks rates, policy and lending criteria.

Hope this helps.

Nathan

Pam, Good afternoon. Thank you for your question and in short, YES. The rate of 4.62% does sound way to high.
I note that Nathan has mentioned a few ANZ options above that could be relevant for you. With the detail you have provided in conjunction with the Lane Cove area you live in, it would appear that you have ample equity to negotiate a better deal.
I am not too far away from you and would be happy to come and visit and provide you with a free home loan health check. We could start with ANZ and see what their best rate is. If they do not offer something competitive, I have access to approximately 25 different lenders that would all be happy to compete for your business at well below 4.00% for Owner Occupied homes. Some lenders will even offer a refinance rebate that could cover all your costs of any change.
Please take a look at my profile, I trust that you will see I am an experienced operator who will work in your best interests.
I can be available to meet at your home during the day / evening and on most weekends.
Please give me a call for a chat.
Best Regards
Ken Olds
Customers First Mortgages & Insurance
1300 ASK KEN (275 536)

Hi Pam,

There are currently a lot of options well below 4% at the moment, I have seen as low as 3.63% p.a. Again as Nathan has stated this information is general in nature and a review of your personal situation is needed to understand what options are available for you.

If you would like to explore what's possible for you, please don't hesitate to get in touch.

Cheers,
Frank