Guide to ANZ home loans

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on February 09, 2022 Fact Checked
Guide to ANZ home loans

Find out about the home loans on offer from ANZ, and see how the major bank compares to other home loan providers.

ANZ – Australia and New Zealand Banking Group – is one of the oldest banks in Australia, having formed as the Bank of Australasia in 1835 in Sydney. It’s one of the five largest companies in Australia by market capitalisation and in the top four for assets under management at nearly $1 trillion. In 2016 it was the first bank in Australia to bring Apple Pay to its customers. Together with its subsidiaries, the major bank employs more than 50,000, 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 home buyersrefinancers and investors. Its mortgage products can be sorted into fixed and variable rate loans with either principal and interest or interest-only repayment options. ANZ also offers a line of credit home loan and land home loans. It is also one of the very few lenders to offer 10-year fixed rate home loans.

As a large bank, it also offers a variety of car & personal loans, credit cards, savings accounts, term deposits and much more.

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

Lender

Fixed
More details

Fixed Rate Home Loan (Principal and Interest) 1 Year (LVR < 80%)

    Fixed
    More details

    Fixed Rate Investment Loan (Principal and Interest) 1 Year (LVR < 80%)

      Fixed
      More details

      Fixed Rate Investment Loan (Principal and Interest) 1 Year (LVR > 80%)

        Variable
        More details

        Standard Variable Home Loan (Principal and Interest) (LVR > 80%)

          Variable
          More details

          Standard Variable Home Loan (Interest Only) (LVR < 80%)

            Variable
            More details

            Simplicity PLUS Home Loan (Principal and Interest) (LVR 80%-90%) (New Customer)

              Fixed
              More details

              Fixed Rate Investment Loan (Principal and Interest) 3 Years (LVR < 80%)

                Fixed
                More details

                Fixed Rate Home Loan (Principal and Interest) 4 Years (LVR < 80%)

                  Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of May 26, 2022. View disclaimer.

                  ANZ mortgage features

                  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’s value

                  • Offset accounts: Certain products, like the ANZ Breakfree Package, come with a 100% offset account

                  • Redraw facilities: ANZ also offers a fee-free redraw facility on its Simplicity Plus product

                  • Package loans: ANZ allows you to open ‘packaged’ home loans that come with a variety of other products in exchange for a package 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

                  • Extra repayments allowed: This allows you to make both extra repayments and more frequent repayments, which can result in your loan being paid off sooner with less interest

                  ANZ Breakfree Package explained

                  Note: ANZ will remove 'Breakfree' package home loans from its product line for new customers from March 2022.

                  ANZ’s longstanding Breakfree package for an annual fee comes with a few distinct benefits. The package offers interest rate discounts, fee waivers on eligible loan accounts including scrapping the loan approval fee, valuation fee, renegotiation fee, and loan admin charge.

                  Other product benefits include:

                  • Annual account fee waived on one eligible ANZ credit card with additional cardholder fee also waived.

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

                  • Apply for ‘ANZ Assured’ overdraft facility of $500 or $1,000 on above offset accounts.

                  • First-year premium discounts on ANZ home, landlord or car insurance policies.

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

                  There are also no limits on the number of eligible home loans under the one package, and there’s 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 let you borrow, which can help with budgeting. ANZ offers pre-approval on the majority of its home loans and you can apply online, at a branch, or by speaking with a lending specialist. You’ll need to provide:

                  • 100 points of ID (drivers licence, passport, Medicare card etc.)

                  • Proof of income and employment

                  • Lists of expenses and debts

                  • A dollar amount you’d like to borrow

                  Pre-approval is typically much quicker than a full approval but the time is dependent on your individual circumstances. ANZ pre-approval lasts for three months, which is typical among home loan lenders.

                  How to apply for an ANZ home loan

                  Eligibility criteria

                  Firstly, you need to make sure you meet ANZ’s lending criteria:

                  • You are over 18 years old

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

                  • Your primary income is in Australian dollars

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

                  If you meet all of these, then you have a few methods of applying 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 home loan pre-approval with ANZ, so you know what you’re allowed to borrow before going house hunting.

                  Documents needed

                  Once you’re confident and ready to apply, you’ll need the following documents at the ready:

                  • 100 points of ID (drivers licence, passport, Medicare card etc.)

                  • Proof of income documents (your most recent payslips or one-year of tax returns if you’re 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)

                  • Property purchase details if you have them (contract of sale, proof of property insurance etc.)

                  • Home loan statements for those refinancing

                  • First Home Owner Grant documentation, if you’re using the grant towards your deposit


                  Photo by Joe Caltiere on Unsplash

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                  Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison strives to deliver and edit news and guides that are engaging, thought-provoking, and simple to read.

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