ANZ have launched ANZ Portfolio which is a flexible line of credit that allows customers to simplify their home and investment lending under a single limit.

ANZ Portfolio provides customers with a simple way to put their equity to work by allowing the flexibility to open up to 12 Sub-accounts and the convenience of a broad choice of sub-account types and repayment options.

Sub-accounts can be held in the name of one or more of the Portfolio holders (except the Primary Sub-account, which must be in the name of all Portfolio holders*). Those named as the Sub-account holders, are authorised to operate and manage the Sub-account, however all Portfolio holders are liable for all Sub-accounts if they are in default.

*Exception where a Portfolio holder is a Company or Trust, in which case the Primary Sub-account will be in the name of the company or Trust only.

The customer segment which is most likely to benefit from the features of an ANZ Portfolio, are customers who:

* have equity in their residential property/ies;
* have high net income (with available cash flow);
* are seeking a long term investment strategy;
* are looking to build wealth;
* are not debt adverse; and
* have strong budgeting skills.

These customers will be able to use the equity in their property/ies to build wealth and make the most of opportunities as they arise.

(Although there is no minimum repayment at the Portfolio level there will be repayment obligations under sub-accounts. There is an expectation that customers will reduce their overall debt vs equity ratio over time by building their wealth and assets).
ANZ Portfolio benefits and features
Customer benefits

* Customers have the ability to keep drawing up to the Portfolio Credit Limit;
* A wide choice of loan types, repayment types and purpose;
* Flexible ownership structure;
* Convenient ongoing account maintenance with fast access to funds;
* Simple, transparent fee structure;
* Reduced loan application paperwork when they want to change the structure;
* Simple, convenient account statements, which can aid in preparation of income tax returns;
* Flexibility to support current and future needs;
* Simplifies financial arrangements – one account to meet transaction, savings and borrowing needs (both for personal and personal investment purposes) of the customer;
* Cash flow efficient – excess funds can be used to reduce the outstanding balance, and therefore the interest payable; and
* Flexible repayment options – customers can select the type of repayment on each Sub-account that best suits their needs, whilst they must meet the repayment options of each Sub-account, they have the flexibility of changing the arrangement without having to go through the full credit assessment process and paperwork.

Features available

* Rapid Refinance
* Lo Doc

Primary Account – Each Portfolio must have a Primary Sub-account. This Primary Sub-account must be an Equity Manager with all Portfolio holders listed as owners of the sub-account (having a limit on the account is not mandatory).

Contact Ability Finance brokers for more information.