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. 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…

  • 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
  • If you want to apply for low doc, you can only borrow up to 60% of the value of the secured property.
  • Their credit scoring is tough and you may get declined for no apparent reason
  • As they’re a major bank you may feel like just a number
  • Lengthy service level agreements (SLAs) and difficult to process the loan

Coronavirus / COVID-19 Policy Changes: ANZ

Temporary home loan policy changes announced by ANZ so far:

  • For PAYG income verification, payslips (including most recent salary credit) provided must be dated within 30 days of submission (previously this was 60 days).
  • ANZ is now increasing the use of kerbside valuations (up to 95% in certain cases) due to full valuations not being able to be completed due to occupants having been self-quarantined or self-isolated due to COVID-19.
  • They’ve adopted electronic ID verification to verify the identity of the applicant.
  • Break costs or (early repayment cost – ERC) can now be capitalised subject to a review by ANZ.
  • For commission and overtime income, evidence needs to be dated within 30 days of the submission date.

ANZ is now accepting Jobkeeper payments. The following documents for proof of income are required with the loan submission:

  • One bank statement confirming receipt of Jobkeeper payment or temporarily reduced income within 30 days of submission date.
  • Evidence of pre-COVID-19 income (i.e. payslips/salary credits etc).
  • Letter from employer to demonstrate the employer’s intention to reinstate you on your normal income.
  • If your current income does not service the loan, evidence of savings to manage repayments during the period of reduced/impacted income will be required.

Please note that this may change from time to time so please check with us before applying for up to date information.

ANZ mortgage relief: Is ANZ freezing mortgage repayments?

Yes, ANZ customers affected by the coronavirus (COVID-19) can put their home loan repayments on hold for up to six months.

If you freeze your mortgage repayments, ANZ will check in with you in three months to reassess your situation.

Remember that during this repayment break, interest on your home loan as well as any fees continues to accrue and is added to your home loan balance.

ANZ home loan customers now have the option to switch to interest-only repayments or to extend their interest-only loan term by 12 months, without a full serviceability assessment.

To be eligible, customers must not be in arrears, must have settled their current loan at least six months prior, must not be paying LMI, and must be employed and currently receiving income (includes JobKeeper).

Expect delays up to seven days to process requests for repayment deferrals

Due to a significant volume of calls and requests for repayment deferrals, ANZ has announced that there may be delays of up to seven days to process your requests.

ANZ customers will start receiving confirmation that they’ve received their assistance request, and regular communications via SMS and email from ANZ until their request is handled.

If you can, continue to make your regular loan repayments. If you can’t make a repayment, have missed a repayment or will miss a repayment since you have submitted your assistance form, it’s okay. There may be an outstanding amount owing on your account but this is temporary until ANZ processes your request. It will not impact your credit rating and ANZ won’t be contacting you to chase the missed repayment.

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.

  • ANZ Equity Manager is a line of credit that helps you turn the equity in your home into money you can actually use.
  • 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.

    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



    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.