2.3. ANZ FlexiPlus (revolving credit)

An all-in-one home loan and transaction account that uses all available surplus funds to help reduce interest costs and pay off the loan sooner.

How revolving credit works

A revolving credit loan is a transactional account that is very similar to an overdraft.  Some revolving credit loans have a reducing loan limit which will amortise (reduce) in the same way a normal table loan is repaid. Other revolving credit accounts are non-reducing and therefore similar to interest only loan facilities. Interest is charged on the daily outstanding balance.

By paying your salary (and any other income) directly into your revolving credit loan you immediately lower your loan account balance and the amount of interest you pay.

If you use your credit card for your everyday purchases, you can keep your revolving credit account balance lower for longer. To maximise the benefit, you must always pay your credit card balance in full on the due date.

See here for more information.

Revolving credit is best suited to

• Customers on a good income who often have surplus funds available.
• Customers who are good money managers.

• Customers what want an ongoing credit limit that can be accessed at any time.

• Customers wanting flexibility to make repayments and redraw up to their credit limit without needing to re-apply.

Features and benefits of ANZ FlexiPlus revolving credit

• Minimum loan: $10,000.
• Maximum loan: $350,000.
• Maximum term: no set term.

• Repayment frequency: anytime.
  
• Extra repayments: anytime without penalty.

• Salary must be direct credited to ANZ FlexiPlus account.
• FlexiPlus account fee is currently $12.50 per month.  
• See ANZ's fees and charges.
  

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