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ANZ Changes to Fees and Mortgage Insurance

Submitted by administrator on Thu, 30/07/2009 - 8:41pm

Changes to ANZ Mortgage Loan Approval Fee Policy
ANZ is simplifying its Mortgages’ Loan Approval Fee policy concerning Split Loans.
Effective Monday, 3rd August 2009 the following will apply:

  • $600 for the first product applied for, PLUS $200 for each subsequent product (split) applied for at the same time (the fee structure is no longer reliant on the loan purpose).
  • $750 for any ANZ Portfolio facility applied for ($0 for splits within a facility and full approval fees for splits outside the facility).

Split Loans

Under the following conditions a Split Loan fee will apply for any subsequent products applied for at the same time:

  • Split fees can only be applied where the applications have the same borrower name/s across all applications.
  • An application will be deemed as "applied for at the same time" if it has an application date within 7 calendar days of the application date for the first application attracting the full Loan Approval Fee.
  • Where dates are greater than 7 calendar days apart, approval from Mortgages Pricing is required to apply a Split Loan Fee to any 2nd and subsequent products.
  • 'In a Company Name' fees remain unchanged (no Split Loan Fee accepted without Mortgage Pricing approval).
  • The product attracting the full priced Loan Approval Fee must be the application to drawdown first.

Mortgage Insurance
As of Friday, 21st July 2009 evidence of Strata Title Mortgagee Interest Insurance must be provided at assessment stage for properties equal to or greater than $2M (previously equal to or greater than $500k).