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ANZ Home Loans Review

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Home Loan Experts’ Review:
five star5out of5stars

Founded: 1835, became known as ANZ in 1951

Owned by: ASX Listed

Funded by: Retail deposits and wholesale capital markets

LMI provider: ANZ LMI

Lender type: Major Bank

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

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

How do ANZ’s home loans compare?

They’re great at

But they’ve got some drawbacks…

Our award-winning brokers get tough loans approved

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What home loans types do they have?

ANZ is well known for their breakfree package which is a great option for loans over $250,000. This package gives you a rate discount, waived fees on your cheque account and credit card as well as waived application fees. You’ll need to pay an annual fee but this is usually much less than the savings you receive from the package.

For smaller loans many people choose their Simplicity Plus loan which doesn’t have an offset account but also doesn’t have an annual fee.

ANZ also has a line of credit known as their Equity Manager and also Fixed rate home loans.

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.

ANZ client story: Omer, Vic



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? Our 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.

  • Angus B

    I’m thinking of going for a doctor home loan so what’s the max amount I can borrow and still qualify for an LMI waiver?

  • Hi, some lenders can allow you to borrow up to $4.5 million for your home and investment properties and still qualify for a no LMI home loan. Any larger will generally be available only on a case by case basis.

  • Juke

    What are the benefits of getting a valuation up front before applying?

  • Hey Juke,
    There are a number of advantages to getting a valuation before you apply for a loan. First of all, your credit file will stay clear of any enquiry records which can affect your credit score. Second, it’s a simple way to determine whether a property will be accepted by your bank. If the property may not meet the bank’s lending criteria then we can simply apply with a different bank.

    An upfront valuation will also help speed up the mortgage application process as the bank can approve your loan immediately. Lastly, the valuation won’t get lost or delayed as we can track your valuation request and quickly follow up with the valuer if there are delays.

  • Newmann

    Will a land + plus construction loan be one single loan or two?

  • Hi Newmann,

    If you’re buying the land, you may want to consider splitting the loan into a “land loan” and “construction loan”, which means that they’ll be advanced at different times. If this isn’t done then you’ll need to put all of your required funds in at the time the land settles. Any LMI will be charged at land settlement.