flagFounded: 1835, became known as ANZ in 1951

businessOwned by: ASX Listed

monetization_onFunded by: Retail deposits and wholesale capital markets

securityLMI Provider: ANZ LMI

account_balanceLender type: Major Bank

ANZ is one of Australia’s four major banks and one of the top 50 banks in the world. It has been a leader in the home loan market for some time, in particular because of its success with mortgage brokers.

ANZ focuses on the mass market so has low-risk loans that suit most homebuyers and investors, while its Australia-wide branch network gives easy access to customers who want to deal with someone face to face.

ANZ’s First Home Buyer Bonus Offer

ANZ introduced the ‘First Home Buyer Bonus Offer’ of $3,000 to help eligible first home buyers cover their costs. Here are the eligibility criteria:

  • Applicants can get a maximum single payment bonus of $3,000 after settlement.
  • The home loan amount must be a minimum of $250,000.
  • The application needs to settle within 180 days of the application date.
  • An applicant cannot already own a home or other residential property jointly or separately in Australia.
  • The bonus is applicable on owner-occupier applications only.
  • The offer is effective from 1 December 2022 until it’s withdrawn.

How Do ANZ’s Home Loans Compare?



  • Borrowing over 90% of the property value is tough if you aren’t an existing borrower
  • Pedantic with assessing living expenses
  • First home buyers with a low deposit
  • People with a bad credit history
  • Self-employed borrowers who cannot prove their income
  • Their borrowing power calculator is extremely complex which causes many bank staff and unexperienced mortgage brokers to make errors when calculating your borrowing power
  • Their credit scoring is tough and you may get declined for no apparent reason
  • As they are a major bank you may feel like just a number
  • If you want to change your fixed rate with them after sometime, then they will charge you with a rate lock fee again.

What Home Loans Types Do They Have?

ANZ offers three types of home loans:
  • ANZ Standard Variable: Provides flexibility to repay your loan faster and redraw on extra repayments.
  • ANZ Fixed: The interest rate does not change during the fixed period. You can fix the home loan for up to 10 years.
  • ANZ Simplicity Plus: Competitive interest rates with no monthly fees. You can make extra repayments anytime.

ANZ also offers waived LMI home loans for medical, accounting and legal professionals.

ANZ Breakfree Package Scrapped

From March 2022, ANZ no longer offers any Breakfree package home loans. The Breakfree package was first introduced in 2003. The packaged home loan provided customers with variable interest rates, with an offset account and free credit card with an annual fee of $395. However, during the Banking Royal Commission, the Australian Securities and Investments Commission found that ANZ did not provide fee waivers or interest rate discounts. Customers with the Breakfree package were affected the most. ANZ paid a penalty of $25 million.

Tips For Getting A Great Rate With ANZ

What most people don’t know is that ANZ can offer better interest rates than those that they advertise.

Most mortgage brokers like us will negotiate with the bank before submitting your loan application. Depending on the size of your loan, size of your deposit and ANZ’s current cost of funds, you may be able to snag an incredible discount.

It’s very much a moving target, in some cases the same scenario will get different pricing just one day apart. That’s why we normally ask for pricing with more than one bank to make sure our customers get the best deal.

Use ANZ Bank’s loan application cover sheet to prepare for your home loan application.

Note: This is the latest loan application document as at November 2017. Please refer to ANZ for their most up-to-date document requirements.

ANZ client story

Omer, Vic


To qualify for an off the plan home loan with settlement just 2 weeks away.


Off the plan purchase, contractor, IT contractor, maternity leave, investor.


Two years ago, Omer and his wife put down a 10% deposit on an off the plan unit as an investment.

The problem? By the time settlement came around, Omer’s situation had changed dramatically.

Firstly, he and their wife just had their first child and she was on maternity leave.

Secondly, Omer switched from working as a full-time PAYG IT worker to a contractor to earn a higher salary to support his family.

Unfortunately, he had been in his job for less than 3 months so borrowing at 90% of the property value (LVR) was going to be tough.

On top of that, servicing, or proving to the bank that he could afford the mortgage repayments on a $412,000 home loan, was going to be extremely difficult because most banks would only take into account Omer’s income and wouldn’t include his wife’s maternity leave pay.

Even though Omer’s family was able to provide the couple with a gift to go towards their deposit and reduce their LVR to 80%, serviceability was still going to be the issue to stop him from getting a loan.


We were able to get Omer’s off the plan loan approved with ANZ by explaining that even though Omer had switched from full time to contract work, he was still with the same company he had been with for the past 3 years, he was doing the same IT work, and there was no break between changing roles.

Now that ANZ had accepted Omer’s employment situation, they were also able to consider 100% of his wife’s maternity pay income because she was able to provide 3 consecutive payslips prior to taking leave and a letter from her employer stating that she would be returning to work in the same role and has a full-time employee.

Thanks to the relationship we have with ANZ, we were able to submit the application the next day and reach settlement within a week.

Compare ANZ To Other Lenders

Not sure which lender is right for you? Not sure which ANZ home loan you should choose? Home Loan Experts can help!

Talk to one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form.