ANZ is Moving to Tik:Tok Model of Home Loans (3 products, $10/mo offset)
https://media.anz.com/content/dam/mediacentre/pdfs/mediarele…
ANZ is Moving to Tic:Toc Model of Home Loans (3 Products, $10/Mo Offset)
autonomate on 14/02/2022 - 10:00
Last edited 14/02/2022 - 10:13
Last edited 14/02/2022 - 10:13
Related Stores
Comments
Oops! Me too.
me three!
I fixed for 2 years in December at 1.99% just before the rises all came in
Are you me?
I was wondering what the hell is a TikTok model? Like a 30sec approval with some stupid dance and annoying music?
Was a great name until that app came along…
How you finding them?
Any pros and cons compared to going with one of the big 4s
Been fine. Pretty much a regular simple home loan with redraw and a low rate. It did take a little while to get all the contract stuff done as they use external lawyers and document verification services but so far so good
Sometimes simplicity is just a way to reduce options and benefits for the consumer.
- E.G. the Telcos have massively simplified options and you have less options overall. Examples include the shifting of international call options, larger gaps in data tiers, etc.One thing that stood out was that BreakFree was notable for its discounted rate. Doesn't seem like the new options will be focused on discounted rates but instead will try reduce those one off costs
You'd probably save more from a discounted rate over the X years…Too bad they're not also adopting the model of offering decent rates!
Trying to think of the last time a company altered their product offering and the customer was really better off - nope can't think of one!
Hmmm. How about when we were paying $85/month in 2013 for 1.5GB of data with Telstra.
I think the product has been changed since then and somehow it's better for the customer now than it was back then….
They also charge a 75 year old $180 a month for her home phone and internet - met this lady a few months ago and told her to give Telstra a new one!
no idea what kind of plan she is on - but she doesn't use the internet…
In March, ANZ will remove the Breakfree package from sale. Existing Breakfree package customers will retain their current interest rate discounts when they are converted to the simplified home loan proposition in September.
This is worth highlighting for existing customers. It looks like they've also started waiving the fee for new customers (who settle on or after 12 Feb).
This change seems to be ANZ's way of trying to clawback some market share:
ANZ admits ‘we got it wrong’ on home loans
Home loans grow again in December, but not for ANZEdit: TBH, they'll just build all the lost revenue from fees/package fees/etc into the interest rates.
Just got charged my annual BreakFree package fee
Should get a pro rata refund come SeptIn recognition of the fact that the ANZ Breakfree Package will be discontinued on or about 10 September 2022, your annual $395 ANZ Breakfree Package fee will be waived if it falls due from 12 February 2022. If your $395 ANZ Breakfree Package fee fell due on or after 9 September 2021 and you have already paid it, we'll refund the fee you paid before the discontinuation date and send you a confirmation notice once this refund is processed.
This is the email I got from ANZ. Reads as if it is a full refund
yep. just received it too.
basically same perks, change from $395 to $120 PA
So retain current discount? This package also had 1 year fixed with offset attached - presumably these stay fixed? ie. not trying to convert to variable with equivalent ‘discount’? No mention of fixed above.
Fixed should say fixed. You'll have to pay $10/month for the privilege of the offset though.
Tic:Toc not Tik:Tok… such an unfortunate name for a lender (and I'm with them!)