ANZ Bank Home Loans

ANZ Bank Home Loans

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Everything you need to know about an ANZ Bank Home Loan

One of Australia’s big four banks, ANZ Bank is also a top national mortgage lender. Their focus is on low-risk loans that cater to the average borrower. A strong contender because of their success with mortgage brokers and the bank’s sheer size and market dominance, ANZ is able to offer a variety of full-featured home loans. However, this lender doesn’t have much to offer in terms of specialised loan products.

Key Benefits

  • Option to package mortgage with other financial accounts
  • Longer possible fixed rate terms than most lenders
  • Offers loan repayment holiday to eligible borrowers

Drawbacks

  • Higher rates than other lenders
  • Stringent credit scoring requirements
  • Challenging for self-employed borrowers to secure a loan

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ANZ Home Loan Products Breakdown

ANZ Standard Variable Home Loan

  • Easy to redraw
  • No fees for extra repayments
  • Save on interest payable

A flexible loan to keep up with life’s little changes

This is ANZ’s flexible home loan option with a standard variable interest rate. It’s an excellent choice if you want the option to make extra repayments or to be able to access those extra funds down the road as your life – and your financial goals – shift. You can also open an ANZ One offset account to reduce the amount of interest you’ll pay.

ANZ Fixed Home Loan

  • Fixed rate
  • Budgeting made easier
  • Make interest only payments

Reap the benefits of having a low fixed rate home loan

Make it easier to budget and stay on top of your finances with this fixed interest home loan. ANZ offers 1, 5, 7, and 10-year fixed rate terms with competitive rates, plus flexible repayment options such as an interest-only repayment period and the choice to repay weekly, fortnightly, or monthly. An optional offset account is available with the 1-year fixed rate option only.

ANZ Equity Manager

  • Easy access to money
  • Line of credit property
  • Choose own repayments

Make the most of your property’s value

You can use this line of credit loan to pay for everyday expenses. You can also withdraw up to your approved limit when you need to. This funding, set to your low mortgage interest rate, can be reassuring to have as a source of backup funding. However, keep in mind, you’ll end up paying more interest the more you withdraw. ANZ’s Equity Manager can help you simplify your spending and make it easier to invest in a renovation of your home.

ANZ Simplicity Plus Home Loan

  • Draw down loan
  • Interest only repayments
  • No fees on extra repayments

Keep it simple with no ongoing fees

For a straightforward, variable home loan with a low-interest rate, ANZ Simplicity Plus is a great choice. You can still pay down your loan faster with features like no fees for additional repayments. You can also easily access those extra repayments with a redraw. But, you won’t have to pay a higher rate for features you probably wouldn’t use anyway.

ANZ Breakfree Package

  • Interest rate discounts
  • No fees on ANZ Banking
  • No fees on ANZ credit card

Bundle your home loan, everyday banking account and credit card to save more

With ANZ’s Standard Variable, Fixed Home Loan, and Equity Manager home loan products, you have the option of bundling your loan with your ANZ bank account and credit card for an annual fee of $395. This option can help you save on fees, be eligible for interest rate discounts, and pay less for both insurance premiums and ANZ Financial Planning services. If you may use some of ANZ’s other financial services, bundling can be a great way to get more out of your mortgage.

 

ANZ Home Loan Products Comparison

 

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Estimated Refinancing Savings

Potential Lender Options

Competitive Interest Rates

Estimated Borrowing Power

Estimated Monthly Loan Repayments

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Frequently Asked Questions

How much deposit do you need for a home loan with ANZ?

The amount you’ll be able to borrow through ANZ depends on a variety of factors, including your income, financial history, savings and living expenses. You can borrow up to 95% with some of their mortgages, in which case you would only need to put down a 5% deposit. However, it’s important to keep in mind that you may have to also pay Lenders Mortgage Insurance (LMI) if you’re not exempt, which can add up to thousands of dollars. The best way to determine how much of a deposit you’d need for a home loan with ANZ is to use their deposit calculator.

How to redraw on a home loan with ANZ?

ANZ has a redraw loan tool that allows you to access any extra payments you have made towards your loan. However, in order to do so, you need to have an eligible loan account, be registered for the redraw facility and have read and agreed to their terms and conditions. You can determine whether you’re already registered by accessing your loan account details on your internet banking. If you’re eligible for a redraw, it will say ‘redraw amount paid in advance’ at the bottom right of the screen. If you’re not yet registered but are eligible it will say ‘Register for ANZ redraw’, in which case you can request a registration pack and it will be sent to your address.

To redraw on your home loan with ANZ, go to the ‘redraw amount paid in advance’ section, as previously mentioned. Then, click the linked account you want to have the withdrawn funds transferred to. Select the amount you would like to withdraw (there is currently no minimum amount) and then click ‘continue’ to redraw.

How to refinance your home loan with ANZ

If you want to refinance your home loan with ANZ, the usual steps around refinancing will apply. With the help of a broker, you will need to look at your current home loan deal and shop around to see if you can find a better offer. If you choose to go with ANZ, you will need to apply for a home loan with them and go through the process of having it approved. Once it has come through, you will need to exit your current home loan and pay any of the discharge fees. When refinancing, ANZ may lend you up to 80% of the value of property without Lenders Mortgage Insurance (LMI) and up to 90% of the value of the property with LMI. If you’re an existing ANZ customer refinancing on your own home loan, you may be able to borrow up to 95% with LMI.

How to change a home loan from ANZ

So, what about if you’re leaving ANZ to refinance with another bank? You’ll need to follow the steps above, and complete a ‘make a loan closure’ request. You do this by going to your ANZ internet banking, selecting your loan account and clicking the ‘loan closure request’ link. You will then need to fill in information like your loan account details, contact information and your reason for leaving. This is done via their SecureMail and a customer service representative will get back to you within 24-28 hours.

How much to exit an ANZ home loan?

ANZ charges a discharge fee of $160 when you exit or repay your mortgage. There are also additional costs you need to be aware of that may not be quoted in your initial exit fees when applying to leave. This includes an early repayment fee if your loan is secured and government and bank fees.

How do ANZ assess home loan applications?

Like any lender, there are a range of factors ANZ use to assess your eligibility for a home loan and your borrowing power. These include the price and type of the property you want to buy, whether you’re purchasing it as a home or investment property and the size of your deposit. They will also look at your financial habits and history, including your credit score, income, debt obligations, expenses and proof of saving. Essentially, they are assessing how reliable you are going to be when it comes to making repayments on time.

How long does it take to finalise a home loan with ANZ?

As with most Australian banks, you would be looking at around 4 to 8 weeks between applying for a home loan with ANZ and going to settlement. However, you may receive conditional approval in as little as 10 days.

How to check the status of an ANZ home loan?

You can apply for an ANZ home loan via their website. You will be prompted to create a login, which you can then use to check the status of your application. You can also call their Home Loan Hotline on free call 1800 100 641, between 8:00am to 8:00pm (AEST), Monday to Friday, or 8:00am to 6:00pm (AEST) Saturdays and Sundays.

Is the best home loan the ANZ simplicity plus?

The best home loan is the one that suits your individual needs and circumstances. ANZ’s Simplicity Plus home has plenty of attractive features for home-buyers, including a competitive variable rate, no monthly fees and the flexibility to pay off your home loan more quickly if you choose to. However, it’s wise to speak to a broker who will be able to help you compare to other ANZ home loans and those with other lenders.

What are home loan prepayments for ANZ?

A home loan prepayment is when you pay part or all of your home loan off early in order to refinance or take advantage of lower interest rates. You can do this by adding an offset account to your loan, changing your payments to weekly, making additional payments or adding a windfall like a work bonus or inheritance to your mortgage account.

What is the Breakfree home loan with ANZ?

ANZ’s Breakfree home loan package is where you bundle your home loan with your everyday spending account. This comes with a range of benefits, including reduced interest rates on your mortgage and waivers on fees like your approval fee and loan administration fee. It also comes with transaction account fee waivers, credit card fee waivers and some insurance discounts. You can use this package for both variable and fixed loan services. While the fees charged for this package vary, it would cost you $395 per year if you had a $250,000 ANZ Standard Variable home loan with a 0.60% p.a. interest rate discount and fee waivers.

What is lump-sum reduction in ANZ home loans?

A lump-sum reduction is a one-time fee that you pay in addition to your scheduled loan payments. The objective is to reduce your loan term and the amount of interest you have to pay.

What is the current home loan interest rate with ANZ bank?

The interest rate charged on ANZ home loan mortgages depends on what package you go for. Currently, the lowest is 3.18% on the ANZ Breakfree Home Loan Package and the highest is 6.55% on an ANZ Equity Manager Variable. Compare all of ANZ’s home loans.

How is ANZ LMI calculated?

If you have saved less a deposit of less than 20% of the property price, you may have to pay Lenders Mortgage Insurance (LMI) which exists to protect the lender. The amount you will need to pay is based on your Loan to Value Ratio (LVR). This is how much you need to borrow as a percentage of lender’s valuation of property price (how much they think the property is worth) You can use an LMI premium calculator to help estimate how much you would need to pay. However, it’s important to know that different lenders charge different premiums on LMI, so be sure to ask your bank how much you can expect to pay.