ANZ Home Loans Review | Savings.com.au

Learn about the home loans offered by ANZ and see how the big bank compares to other home loan providers.

ANZ – Australia and New Zealand Banking Group – is one of Australia’s oldest banks, having been established as the Bank of Australasia in 1835 in Sydney. It is one of Australia’s five largest companies by market capitalization and among the top four by assets under management at nearly $1 trillion. In 2016, it was the first bank in Australia to offer Apple Pay to its customers. Together with its subsidiaries, the major bank employs over 50,000 people and has 570 branches in Australia.

What home loans does ANZ offer?

The lender has home loans available for many types of borrowers, including first-time home buyers, refinancers, and investors. Its mortgage products can be categorized into fixed rate and variable rate loans with principal and interest or interest only repayment options. ANZ also offers a home line of credit and home loans. It is also one of the few lenders to offer 10-year fixed rate mortgages.

As a major bank, it also offers a variety of auto and personal loans, credit cards, savings accounts, term deposits and more.

See some of ANZ’s home loans for homeowners and investors in the table below:

Basic criteria: a loan amount of $400,000, variable, fixed, principal and interest (P&I) real estate loans with an LVR (loan-to-value) ratio of at least 80%. However, the “Compare mortgages” table allows calculations to be made on the variables selected and entered by the user. All products will list the LVR with the product and price list which is clearly published on the product supplier’s website. Monthly repayments, once the basic criteria are modified by the user, will be based on the advertised prices of the selected products and determined by the loan amount, repayment type, loan term and LVR as entered by the user. user/you. *The comparison rate is based on a loan of $150,000 with a term of 25 years. Please note that the comparison rate only applies to the examples given. Rates correct as of February 10, 2022. See disclaimer.

See how ANZ home loans compare to homeownership loans from other providers:



Lender

Rate type Gap Redraw Ongoing charges The initial costs LVR Lump sum reimbursement Additional refunds Pre-approval

Variable More details
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable – 2 years (LVR
  • Fast turnaround times, can meet 30 day settlement
  • For purchase and refinancing, down payment min 20%
  • No ongoing or monthly fees, add 0.10% compensation

Variable More details
ZERO APPLICATION FEESCOMPENSATION WITHOUT COST

Homeowner Accelerates – Celebrate (LVR
  • We lower your rate based on the amount you have repaid on your loan
  • Automatic Fare Matching
  • No upfront or ongoing fees

Variable More details
100% COMPLETE CLEARING ACCOUNTNO APPLICATION FEES OR ON-GOING FEES

Low Rate Home Loan – Premium (Principal & Interest) (Owner Occupant) (LVR
  • No upfront or ongoing fees
  • 100% cleared account
  • Additional refunds + withdrawal services

Fixed More details
USE AN INDUSTRY-LEADING APP TO HELP YOU PAY OFF YOUR LOAN EARLIER

Fixed mortgage 1 year (capital and interest) (LVR

  • Make up to $20,000 in additional repayments per fixed term
  • Redraw available – allows you to access any additional loan repayments you have made
  • Choose to lock rates for 90 days (fees apply)
  • The application is 100% online
  • Call center based in Australia

Fixed mortgage 1 year (capital and interest) (LVR
  • Make up to $20,000 in additional repayments per fixed term
  • Redraw available – allows you to access any additional loan repayments you have made
  • Choose to lock rates for 90 days (fees apply)
  • The application is 100% online
  • Call center based in Australia

Variable More details
REFINANCING IN MINUTES, NOT WEEKS

Owner Occupied Variable, Principal & Interest (Refinance Only)(LVR
  • No application or ongoing fees.
  • 100% free clearing sub-account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.

Features of ANZ Mortgages

As one of Australia’s most popular lenders, it’s no surprise that ANZ offers a wide variety of home loan features:

  • Small deposits: This allows you to borrow up to 95% of the property value

  • Clearing accounts: Some products, like the ANZ Breakfree package, come with a 100% clearing account

  • Redesign facilities: ANZ also offers a free redraw feature on its Simplicity Plus product.

  • Lump sum loans: ANZ allows you to open “bundled” home loans which come with a variety of other products in exchange for a bundle fee, including credit cards and transaction accounts

  • Split loans: You can split your loan between fixed and variable to get the best of both worlds

  • Additional refunds permitted: This allows you to make both additional repayments and more frequent repayments, which can result in your loan being paid off sooner with less interest.

ANZ Breakfree Package explained

ANZ’s long-standing Breakfree plan for an annual fee has a few distinct benefits. The package offers interest rate reductions, fee waivers on eligible loan accounts, including waiver of loan approval fees, appraisal fees, renegotiation fees and administration fees loan.

Other product benefits include:

  • Annual account fees are waived on an eligible ANZ credit card and additional cardholder fees are also waived.

  • Choice of ANZ Access Advantage or ANZ One compensation account with monthly service fee waived.

  • Apply for an “ANZ Assured” overdraft facility of $500 or $1,000 on the clearing accounts above.

  • First year premium discounts on ANZ home, homeowners or motor insurance policies.

  • Discounts on ANZ financial planning or one-off advisory services.

There is also no limit to the number of home loans eligible under a single package, and you have the choice of a variable or fixed loan.

ANZ Home Loan Pre-Approval

A home loan pre-approval can give you an idea of ​​how much a lender will allow you to borrow, which can help you budget. ANZ offers pre-approval on the majority of its home loans and you can apply online, at a branch or by speaking with a loan specialist. You will need to provide:

  • 100 pieces of identification (driver’s license, passport, health insurance card, etc.)

  • Proof of income and employment

  • Lists of expenses and debts

  • A dollar amount you would like to borrow

Pre-approval is usually much faster than full approval, but the time depends on your personal situation. ANZ pre-approval takes three months, which is typical with mortgage lenders.

How to Apply for an ANZ Home Loan

Eligibility criteria

First, you need to make sure you meet ANZ’s loan criteria:

  • Are you older than 18

  • You are an Australian or New Zealand citizen or permanent resident

  • Your main income is in Australian dollars

  • The purchased property is the only property to be used as collateral for the loan

If you meet all of these conditions, there are several ways to apply for an ANZ home loan:

  1. You can apply online with ANZ

  2. You can call an ANZ specialist

  3. You can visit an ANZ branch

  4. You can contact a mortgage broker

You can also apply for a home loan pre-approval from ANZ, so you know what you are allowed to borrow before you go house hunting.

Necessary documents

Once you are confident and ready to apply, you will need the following documents at hand:

  • 100 pieces of identification (driver’s license, passport, health insurance card, etc.)

  • Proof of income (your latest payslips or one year of tax returns if you are self-employed)

  • A detailed breakdown of your living expenses

  • Details of other income (share statements, dividends, Centrelink statements, rental income, etc.)

  • Details of your assets and liabilities (such as other loans and credit cards)

  • Details of the purchase of the property if you have any (bill of sale, proof of property insurance, etc.)

  • Home loan statements for those who refinance

  • First-time homeowner grant documentation, if you are using the grant for your filing


Photo by Joe Caltiere on Unsplash

The entire market has not been taken into account in the selection of the products above. Instead, a reduced portion of the market was considered. Products from some vendors may not be available in all states. To be considered, the product and price must be clearly published on the product supplier’s website. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au and Performance Drive are part of the Savings Media group. In the interest of full disclosure, Savings Media Group is associated with Firstmac Group. To learn how Savings Media Group handles potential conflicts of interest, as well as how we are paid, please visit the website links at the bottom of this page.

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