- ANZ to launch ANZ Plus home loan in 2023.
- This offering will join ANZ Plus transaction and savings accounts as a digital app-only offering.
- Will compete alongside CommBank's Unloan, offering fast approval times.
The ANZ Plus home loan offering will look to compete with other digital home loans on the market such as CommBank’s Unloan, having launched earlier this year to target refinancers.
This marks the next phase of a digital shift for ANZ, following the launch of ANZ Plus earlier this year offering customers an app-only transaction and unconditional savings account.
ANZx design and delivery managing director Peter Dalton said customers will be able to apply and manage their loan with approval in minutes and support from an ANZ Plus coach whenever needed.
“ANZ Plus home lending will allow customers to explore, apply and settle their loan with our mobile-first, end-to-end lending experience using the best of modern technology,” Mr Dalton said.
Mr Dalton details each home loan customer will be able to create a unique, reusable, digital financial position, using only their smartphone.
“This statement of position integrates all their financial data in one place, combining transaction histories from ANZ accounts, as well as any accounts with other banks to create a live statement of position,” he said.
“This will allow customers to understand what they can afford without uploading a single document and it allows for greater automation.”
The ANZ Plus App will take advantage of real-time property value estimations, meaning customers will be able to find a property and secure it sooner with an approval decision in minutes.
There is no date set in stone for the launch of ANZ Plus home loans, yet Mr Dalton said the ANZ Plus home loan has recently entered the beta test phase, having just approved the very first ANZ Plus Home Lending application.
“The beta phase allows ANZ to test, monitor and fine tune the new proposition before it’s available to customers and demonstrates that we can regularly update it while it’s in use,” he said.
ANZ Plus recently surpassed the 100,000 customer milestone, with more than $2 billion in deposits acquired since its launch nine months ago.
It has one of the highest unconditional savings account rates of 3.50% p.a. at the time of writing, according to Savings.com.au market research.
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Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.89% p.a. | 5.80% p.a. | $2,962 | Principal & Interest | Variable | $0 | $0 | 80% |
| Promoted | Disclosure | ||||||||||
5.99% p.a. | 6.02% p.a. | $2,995 | Principal & Interest | Fixed | $0 | $0 | 60% |
| Promoted | Disclosure | ||||||||||
5.93% p.a. | 5.93% p.a. | $2,975 | Principal & Interest | Variable | $0 | $395 | 70% | Disclosure |
