ANZ Home Loan and Credit Card

I've applied for a home loan with ANZ and have been pre-approved. My broker says there's unlikely to be any complications with getting formal approval as they are just waiting for valuation of the property. This is estimated to occur in the next couple weeks.

I am planning to apply an ANZ credit card separately to the home loan (as opposed with the home loan) to take advantage of the bonus QF points. After I receive the points, I plan to link it to the home loan Breakfree package to waive annual fee.

Question is, should I wait until I get formal approval before applying for the credit card or is it okay to apply now?

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Comments

  • +3

    wait for formal approval so its not on your credit fine if they need to do a another credit assessment when it goes for unconditional approval.
    my valuation took 4 days with NAB so I'm not sure why you'd need a couple of weeks.

    • Only because the property isn't ready (new build)

      • same same, my land contract was valued and then my building contract was valued

  • +1

    Yeah I'll wait as well, did the same gig few months ago for the same package

    • Thanks, did you encounter any difficulty in redeeming QF points and waiving annual fee?

      I'm thinking of waiting until I see the points before I link it to breakfree.

      Also, how does the cashback work? The current deal is 100,000 QF points + $150 cash back. Would I still get the cashback + annual fee waived?

      • My experience with ANZ on the breakfee package is you will get the credit card annual fee credited back to you but you will still pay a "loyalty program fee" for the QFF option cards.

        • Thanks. So is the cashback on top of the annual fee waived?

          With the annual fee being $450, would you get:
          $150 (cashback) + $450 (annual fee waived)
          or
          $150 (cashback) + 300 (annual fee waived)

          • @DevlicK: Annual fee of $450 is $395+$55 "rewards program fee". ANZ will waive the $395 or whatever but you will still need to pay the $55 if you want the Qantas points. https://www.anz.com.au/personal/credit-cards/compare-cards/

            As for the cashback, I believe that is dependant on meeting eligible spend criteria so to get the $150 you need to spend $3,000 in the first three months so seperate promotion to the Breakfee package and knowing ANZ they would probably argue that you are not entitled so YMMV.

      • +1

        Mine was $275 cashback for the black card.
        They reversed the annual fee of $370 after I linked in with my BreakFree package; still have to pay the $55 for Rewards prog.

        So basically I got $225 extra + 120,000 QF points.

        No difficulty at all and yes I waited till I got my points before I linked it.

  • +1

    I submitted my ANZ Loan application near the end of May. Valuation was done in June while credit profile check was done in mid-August. I would suggest you only submitted your CC application after credit profile is checked.

    • When did you get formal approval? I presume that would have been after the credit check.

      That's a big period of time between valuation and credit check.

  • Wait for approval

  • What's the best finance rate ANZ are doing?

    • Fixed: 2.29
      Variable: 2.79%

      • NAB is 2.77 variable P&I

        • 2.69

  • Are you getting the breakfree package with ANZ?

    • Yes - I've mentioned in OP

  • What CC offer are you looking at? Assume it's the ANZ Black offer? https://www.anz.com.au/personal/credit-cards/frequent-flyer/...

    100,000 bonus Qantas Points and $150 back
    to your new ANZ Frequent Flyer Black
    When you spend $3,000 on eligible purchases in the first 3 months from approval.
    Plus get 75 bonus Status Credits and an additional 30,000 bonus Qantas Points when you keep your card for over 12 months.

    • That's the one!

  • If you are to go with breakfree package isn't it mandatory to apply one credit card along with home loan? If so which one to go with?

    • +2

      It's not mandatory

      • Oh great, thanks

  • ANZ don't give away the bonus points offer when you apply for a credit card with your breakfree package. Some people have been successful is having the credit card added to the breakfree package and getting a refund of the annual fee after the bonus points have been credited but some have also been told that the bonus points would be returned in such instances.

  • When I changed over to ANZ for my home loan last year my broker assumed I would want their credit card so it was organised for me. When I learned that it still costs $55 for the rewards program (regardless of which car you get) I decided to cancel that card and join up with Coles Mastercard Free. It's a free card with rewards

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