• A "balloon", is a one-off final payment made at the end of your contract which extinguishes your existing debt.
• Having a "balloon" can be an effective means of reducing your fortnightly or monthly repayments over the term of the loan.
• The minimum balloon amount is $10,000. ANZ Car Loans guidelines stipulate that the following maximum balloons should reflect the contract term for the Motor Vehicle, this includes
  • 36 month term - 50% balloon
  • 48 month term - 40% balloon
  • 60 month term - 30% balloon
• A balloon will only be granted to highly asset-backed customers and it's provision is at the discretion of ANZ Car Loans.

In summary, the balloon can be no less than $10,000, but no more than the maximum balloon as stipulated by ANZ Car Loans for the term of your loan.