Call us now 1300-889-743

Compare ANZ LMI

ANZ Logo

Home Loan Experts’ Review:
four star4out of5stars

Founded: ANZ was founded in 1951

Owned by: ANZ Bank

Financial Strength: Standard & Poor’s AA-
Moody’s Aa2

Lenders they support: ANZ

Max LVR: 95% for existing ANZ borrowers | 90% for new customers

LMI Capitalisation: 97% LVR

LMI Premiums: Compare using our LMI calculator | See below for ANZ’s LMI Premium table

ANZ LMI is the in house mortgage insurer for ANZ bank and the underwriter for all of their home loans that are mortgage insured. They work exclusively with ANZ so you won’t be able to access them unless you apply for a mortgage through ANZ.

How does ANZ LMI compare?

They’re great at

  • Offering cheaper premiums for some loan sizes
  • Approving existing ANZ customers with a good credit history
  • Approving applications with basic documents – often just one payslip is needed!
  • Just relying on one year’s tax returns to approve self-employed applications
  • Considering mortgage insured loans over $1 million

But they’ve got some drawbacks…

  • Policy is conservative
  • Require genuine savings for loans over 85% LVR
  • They may not accept add-backs if you’re self-employed
  • New borrowers cannot borrow over 90% LVR
  • Investors cannot borrow over 90% LVR
  • LMI can be expensive for some loan sizes

Talk to one of our expert mortgage brokers to find out if ANZ LMI is right for you.

Call us on 1300 889 743 or complete our free assessment form online.

The ‘existing borrower’ favouritism

ANZ won’t allow you to borrow over 90% of the property value unless you’re an existing borrower of ANZ.

By proving yourself as a good borrower, ANZ LMI is more comfortable in approving a 95% home loan.

At least one borrower must be an existing customer but what exactly does an existing lending customer mean?

  • At least one borrower must qualify
  • Must have been an existing borrower for 6 months
  • Your repayments must be in full and on time
  • A credit card, home loan, investment loan, small business loan, overdraft or personal loan is acceptable

What isn’t an existing lending customer?

  • Loans in the name of your company
  • Closed accounts such as a credit card you closed a month ago
  • Other accounts like a savings or cheque account

Don’t worry if ANZ can’t help you!

There are other lenders that may allow you to borrow over 90% of the property value.

ANZ LMI Premium table

LVR $0 – $300,000 $300,001 – $500,000 $500,001 – $750,000 $750,001 – $1,000,000
81% 0.42% 0.60% 0.79% 0.79%
82% 0.42% 0.60% 0.79% 0.79%
83% 0.60% 0.76% 1.05% 1.11%
84% 0.62% 0.88% 1.05% 1.18%
85% 0.72% 0.98% 1.25% 1.35%
86% 0.92% 1.14% 1.49% 1.52%
87% 0.98% 1.24% 1.63% 1.66%
88% 1.12% 1.32% 1.78% 1.79%
89% 1.28% 1.57% 2.06% 2.12%
90% 1.44% 1.90% 2.33% 2.35%
91% 1.97% 2.61% 3.61% 3.73%
92% 1.97% 2.61% 3.75% 3.89%
93% 2.24% 2.97% 3.95% 4.15%
94% 2.37% 3.01% 4.10% 4.25%
95% 2.56% 3.28% 4.25% 4.39%

81% LVR actually means 80.01% to 81% LVR

Should you apply with ANZ?

Not sure which lender is right for you? Home Loan Experts can help!

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

  • Wayne

    I am self employed and I’ve already applied with ANZ so does this affect my credit history if I want to apply with your company?

  • A credit enquiry for a mortgage has a relatively low effect on your credit score. It’s shopping around for credit cards and personal loans that can quickly trash your Veda score. We can do an ‘authorised agent’ enquiry, which allows us to see your file but has no impact on your score. We can then decide if it is worthwhile to apply elsewhere to get a better deal or not.

    FYI we can reapply with ANZ if you want our services but would like to use ANZ. A lot of people do this as we’ll monitor the loan for free after your loan is advanced. Feel free to call us on 1300 889 743 if you’d like our help.