As Australia’s fifth-largest bank, ANZ has built a suite of home loan products aimed at accommodating diverse borrower needs. In this detailed ANZ home loan review, we’ll dive deeper into each aspect of ANZ’s home loan offerings. From dissecting unique product features, explaining how rates are set, to unpacking eligibility criteria and real-world customer experiences, this guide equips you with everything you need to confidently navigate your first home purchase with ANZ.
What Are ANZ Home Loans Like?
The Top 5 Things ANZ Are Good At
- Competitive Interest Rates for Owner-Occupiers – ANZ frequently launches limited-time introductory discounts for owner-occupiers, sometimes shaving off up to 0.30% on the standard variable rate for the first 12 months. On a $500,000 loan, this could translate into over $1,500 in interest savings in the first year alone. Importantly, these discounts often apply even to 95% LVR loans, enabling borrowers with smaller deposits to access attractive pricing.
- User-Friendly Digital Banking & Tools – The ANZ App’s loan calculator lets you model principal and interest vs. interest-only scenarios side-by-side, live, adjusting loan size, term, and extra repayments. Push notifications proactively alert you if you’re approaching redraw limits or if repayment due dates are approaching, as well as market rate changes that could affect your variable loans.
- First Home Owner Grants & Concessions Guidance – ANZ’s specialist team maintains up-to-the-minute knowledge on state-based grants, like the First Home Owner Grant or duty-free thresholds, ensuring you don’t miss out. They can lodge grant applications on your behalf and structure your loan drawdown to align with grant payout timelines.
- Flexible Repayment Options – Aside from fortnightly or weekly repayment cycles, ANZ allows you to link multiple external accounts for automated top-ups when your main offset account falls below a threshold.
- Redraw is accessible 24/7 via the app, though note that redraw fees may apply if you don’t hold an offset-enabled package.
- Reputable Customer Service & Broker Network – ANZ partners with a network of over 300 accredited mortgage brokers who can access exclusive wholesale pricing and tailor solutions for complex scenarios, like joint borrower guarantor loans. Dedicated First Home Buyer webinars and in-branch workshops run monthly in major cities, with recorded sessions available online.
Top 5 Things ANZ Aren't So Good At
- High Fees on Some Loan Products – Fixed-rate loans may incur establishment fees up to $600 and break costs that can exceed $2,000, depending on interest rate movements since inception. While variable-rate loans often waive establishment fees, switching between loan types can trigger new charges.
- Limited Offset Account Options – Offset accounts are only available with the Breakfree, Progress, and Simplicity Plus packaged products—customers on standard variable home loans without a package have no offset access. ANZ’s offset accounts do not currently allow sweep features from linked transaction accounts, a functionality some competitors provide to maximise interest savings.
- Tight Lending Criteria for Investment Loans – Borrowers transitioning from owner-occupier to investment may face a full-serviceability assessment at a buffer rate of +3.0%, which could reduce borrowing capacity by 10–15%. ANZ imposes higher deposit requirements for investment properties—often 20% minimum, without showcasing additional buffers.
- Variable Rate Increases – Historical rate tables show ANZ’s cash rate hikes have at times outpaced the Big Four average, particularly during the 2019–2020 tightening cycle. While this reflects repricing to maintain margin, it can catch borrowers by surprise without proactive rate-lock options.
- Branch Availability in Regional Areas – In remote communities, branch hours may be limited to a few days per week, reducing access to in-person advisory services. Cash handling services are restricted at these locations, affecting customers who prefer or require physical banking.
What Are The Different Home Loan Products They Offer?
ANZ’s home loan range spans variable, fixed, and hybrid options, each tailored to real-world borrowing scenarios. Here’s a detailed breakdown:
- Product Type: Variable rate, no ongoing fees
- Interest Rate: Standard variable rate +0% package fee
- Key Features:
- Unlimited additional repayments and redraws via ANZ Internet Banking
- Ability to switch between interest-only and principal & interest on a one-off basis each year
- No annual or monthly loan maintenance fees
- Considerations:
- Does not include an offset account—money in your linked savings won’t reduce interest calculations
- No bundled discounts on insurance or transaction account fees
- Product type: standard variable rate loan with offset
- Key Features:
- Offset account available
- Make extra repayments with no fees
- Get a discounted interest rate for certain LVR
- Considerations:
- The overall fee structure (application fees, discharge fees, valuation fees) can be complex and not always transparent.
- Some borrowers find it difficult to compare apples to apples with other lenders.
- Product Type: Fixed rate for 1–5 year terms
- Key Features:
- No ongoing fees
- Discounted interest rates
- Offset account offered if you fix for 1 year.
- Drawbacks:
- Limited extra repayment amount per year (usually 5% of balance)
- Significant break fees if you refinance or sell within the fixed term
- Product Type: Variable rate for low-documentation scenarios
- Interest Rate: Premium of 0.50–0.75% above standard variable
- Ideal For:
- Self-employed contractors, consultants, or small business owners with irregular income flows
- Requirements:
- BAS statements, accountant’s letter, or Profit & Loss statements instead of formal payslips
- Maximum LVR of 80% without lender’s mortgage insurance
ANZ Discontinued products:
ANZ discontinued their Breakfree Package on 10 September 2022.
What Are ANZ Home Loan Interest Rates?
As of May 21, 2025, ANZ has updated its home loan interest rates following the Reserve Bank of Australia’s (RBA) recent 25 basis point cash rate cut to 3.85%. ANZ announced that it would pass on the full 0.25% reduction to its variable home loan customers, effective from May 30, 2025.
Here is the snapshot of ANZ’s updated home loan interest rates:
Loan Type | Variable Rate (p.a.) | Intro Discount | 1-Year Fixed | 3-Year Fixed | 5-Year Fixed |
Owner-Occupier | 5.95% | Up to 0.30% off for 12 months | 5.39% | 5.70% | 5.85% |
Investor | 6.20% | Up to 0.20% off for 12 months | 5.64% | 5.95% | 6.10% |
Note: Fixed rates are based on loans with a Loan-to-Value Ratio (LVR) of 80% or less. Rates may vary depending on individual circumstances and loan details.
For the most accurate and personalised information, it’s recommended to use ANZ’s online rate checker or consult directly with ANZ to obtain an official quote. Many discounts require application within 60 days of a loan offer.
How ANZ Rates Are Determined
- RBA Cash Rate: ANZ tracks the Reserve Bank’s cash rate and typically applies movements with a 1–2 week lag.
- Funding Costs: Wholesale funding and capital requirements influence standard variable rate margins.
- Promotional Offers: Limited‑time discounts are negotiated annually and can be targeted by deposit size or borrower profile.
What Documents Does ANZ Need For A Home Loan?
ANZ’s streamlined process still requires thorough documentation to verify your financial position. Here’s a detailed checklist with submission tips:
- Identification:
- Certified copy of passport or Australian driver’s license
- Medicare card or birth certificate for secondary ID
- Income Verification:
- Employed Salaried: Last 3 months’ payslips + most recent group certificate or employment contract
- Self‑Employed: ATO Notice of Assessment (last 2 years) + BAS statements (last 4 quarters)
- Casual/Contract: Letter from employer + summary payslips
- Savings & Assets:
- Bank statements (last 3 months) showing genuine savings of at least 5% of property value
- Details of any shareholdings, term deposits, or investment accounts
- Liabilities & Credit:
- Statements for credit cards, personal loans, novated leases, hire‑purchase agreements
- Landlord references if renting
- Property Details:
- Signed contract of sale or off‑the‑plan agreement
- Preliminary valuation or building report (if available)
- Concessions & Grants:
- Evidence of First Home Owner Grant eligibility (e.g., signed declaration form)
- Stamp duty concession letters from state revenue office
Pro Tip: Upload all documents via ANZ Internet Banking to expedite processing. Hard copies can add 2–3 business days to approval times.
How Much Can I Borrow From ANZ?
ANZ’s borrowing power hinges on your income, expenses, and deposit size. Here’s a walk-through:
- Calculate Net Income: Gross salary minus tax, plus any rental or investment returns.
- Assess Living Expenses: Use ANZ’s HEM (Household Expenditure Measure) benchmarks or provide detailed expense breakdowns.
- Serviceability Buffer: ANZ applies a 3% buffer on variable rates to ensure you can cover repayments if rates rise.
- Deposit and LVR: Maximum 80% LVR without LMI; up to 95% LVR with LMI if you have genuine savings of at least 5%.
Borrowing Capacity Example
- A single person living in Brisbane (In the 4000 postcode)
- Earning $70,000 PAYG salary income
- Average monthly expenses of $2,000
- Has a credit card of $5,000 and no other debts
- Assuming this person has a 20% deposit as genuine savings
- Loan period of 30 years
- Interest rate of 6.18 %
According to the ANZ Borrowing Power calculator, the person can borrow up to $308,000 in this scenario.
Note: Online calculators provide estimates only. Final LVR and borrowing limits are subject to ANZ’s credit assessment.
What Else Does ANZ Offer?
ANZ offers a comprehensive suite of financial products and services tailored to individuals, businesses, and investors. Here’s an overview of their key offerings:
Personal Banking
- Transaction Accounts: Everyday accounts like ANZ Access Advantage and ANZ Plus for daily banking needs.
- Savings Accounts: Options such as ANZ Online Saver and ANZ Progress Saver to help customers grow their savings.
- Term Deposits: Fixed-term investments offering competitive interest rates, including the ANZ Advance Notice Term Deposit.
- Credit Cards: A range of credit cards with various features and rewards programs.
- Personal Loans: Unsecured loans for purposes like debt consolidation, travel, or major purchases.
- Home Loans: Various mortgage options, including fixed and variable rates, as well as investment property loans.
Business Banking
- Business Loans: Financing solutions for small to large businesses, including term loans and overdrafts.
- Commercial Lending: Products like ANZ Business Mortgage Loans and Fully Drawn Advances for larger financing needs.
- Trade and Supply Chain Finance: Services to support international trade and manage cash flow.
- Merchant Services: Payment solutions to help businesses accept card payments.
Lending & Credit
- Personal Overdrafts: Flexible credit options linked to transaction accounts.
- Lines of Credit: Revolving credit facilities for personal or business use.
- Asset Finance: Financing for purchasing vehicles or equipment.
Investments & Superannuation
- ANZ Smart Choice Super: Superannuation products designed for individuals and employers.
- Investment Products: Access to managed funds and other investment opportunities.
Insurance & Wealth Management
- Insurance Solutions: Products covering life, income protection, and general insurance needs.
- Financial Planning: Services to assist with wealth management and retirement planning.
What Are Some ANZ Customer Reviews?
ANZ’s Net Promoter Score (NPS) for home loans currently sits around +40, notably higher than the industry average of +30. This score reflects how likely customers are to recommend ANZ’s home loan services to others—a key indicator of overall customer satisfaction and loyalty.
Several factors contribute to ANZ’s strong NPS in this space:
- Responsive Customer Service: ANZ has invested heavily in digital tools and staff training to ensure faster response times and helpful support throughout the loan application and settlement process.
- Transparent Loan Options: Borrowers appreciate the clarity around interest rates, fees, and flexible features such as offset accounts and redraw facilities.
- Digital Experience: ANZ’s online tools and mobile app allow customers to track their home loan progress, manage repayments, and access property insights, enhancing the end-to-end experience.
- Tailored Advice: Whether you’re a first-home buyer or a seasoned investor, ANZ offers access to mortgage specialists who help tailor solutions based on your financial goals.
This above-average NPS signals that customers trust ANZ not just for competitive rates, but for consistent, value-driven service—a critical factor for Australians navigating one of the biggest financial decisions of their lives.
Is ANZ An Ethical Australian Bank?
ANZ is recognised as one of Australia’s more ethically conscious banks, with a range of initiatives aimed at promoting environmental sustainability, social equity, and transparent governance. Here’s an overview of ANZ’s ethical commitments:
Environmental Sustainability
- $100 Billion Sustainability Target: ANZ has committed to funding and facilitating at least $100 billion by 2030 in social and environmental outcomes. This includes investments in renewable energy, low-carbon transport, sustainable agriculture, and biodiversity conservation.
- Green and Sustainability Bonds: ANZ has pioneered green bonds, including the world’s first bond certified under the Climate Bonds Initiative’s Low Carbon Buildings criteria. Proceeds have funded projects like the Miaoli Wind Farm in Taiwan and the Collgar Wind Farm in Australia.
- Net-Zero Transition Support: The bank assists institutional customers in transitioning to a net-zero carbon economy by encouraging the identification of climate risks, creation of transition plans, and public reporting on progress.
Social Impact and Inclusion
- Affordable Housing Commitment: ANZ has pledged to fund and facilitate $10 billion in affordable and sustainable housing projects by 2030. This includes financing for build-to-rent-to-own models, specialist disability accommodations, and land lease communities.
- Community Partnerships: The bank collaborates with community partners to provide housing for vulnerable populations and to alleviate homelessness.
Governance and Transparency
- ESG Reporting: ANZ publishes comprehensive Environmental, Social, and Governance (ESG) reports detailing its performance and challenges in these areas. These reports are designed to meet the needs of key stakeholders, including investors and customers.
- Code of Conduct: The bank’s Code of Conduct outlines expected standards of ethical and professional behaviour for all employees and contractors, promoting ethical conduct and adherence to legal provisions.
- Banking Code of Practice: ANZ is a signatory to the Australian Banking Association’s Banking Code of Practice, committing to ethical conduct, transparency, and responsible practices that enhance customer protection.
Ethical Ratings and Recognition
- Ethical Banking Guide Score: ANZ holds a score of 6/10 in the Ethical Banking Guide, reflecting its efforts in ethical banking practices.
- Green Bond Recognition: The bank’s issuance of green bonds has been recognised for funding significant renewable energy projects and sustainable buildings, contributing to its reputation as a leader in sustainable finance.
While ANZ has made significant strides in ethical banking, it’s important to note that the bank continues to face scrutiny over its lending to fossil fuel industries. As of September 2024, ANZ had an $8.2 billion exposure to oil and gas, making it the largest lender to Australia’s energy sector. The bank has stated its focus is on supporting customers to reduce emissions, including providing finance.
Overall, ANZ demonstrates a strong commitment to ethical banking through its environmental initiatives, social impact projects, and governance practices. However, like many large financial institutions, it continues to balance these commitments with its existing portfolio in traditional energy sectors.
How Does ANZ Compare To Other Banks?
Feature | ANZ | CBA | NAB | Westpac |
Standard Variable Rate | 6.20% | 6.05% | 6.15% | 6.25% |
Offset Account Available | Through standard variable loan | Most variable & fixed | Most packages | Select packages |
Intro Discount | Up to 0.30% | Up to 0.20% (varies by LVR) | Up to 0.25% | Up to 0.15% |
First Home Buyer Support | Dedicated specialists, webinars | Digital toolkits, in-branch seminars | Online coaching, broker network | Community grants, online guides |
Ethical Rating (EBD) | 6/10 | 5/10 | 7/10 | 6/10 |
Bonus: How Much Can I Borrow From ANZ Personal Loan?
1. ANZ Unsecured Personal Loan
An unsecured personal loan does not require collateral, making it accessible for many borrowers. These loans are best suited for smaller expenses or when you need funds quickly.
- Loan Amount: Borrow between $2,000 and $30,000
- Loan Term: Choose a flexible term from 1 to 7 years
- Interest Rate: Fixed rates ranging from 7.99% to 12.99% p.a., depending on your credit profile and loan term
- Repayment Options: Weekly, fortnightly, or monthly
- Typical Uses: Paying for stamp duty shortfalls, home appraisals, legal fees, or minor renovation projects
2. ANZ Secured Personal Loan
If you have a term deposit with ANZ, you can use it as security to potentially unlock a lower interest rate. This is a great way to access funds without dipping into your savings.
- Loan Amount: Borrow up to $50,000, depending on the value of your term deposit
- Loan Term: Up to 7 years
- Interest Rate: Lower fixed rates from 6.50% to 8.99% p.a., since the loan is secured
- Secured Against: An ANZ term deposit (your funds remain untouched and continue to earn interest)
- Typical Uses: Ideal for bridging deposit gaps before settlement, completing urgent repairs or upgrades, or covering moving expenses
Is An ANZ Home Loan Right For Me?
Whether an ANZ home loan is right for you depends on your financial goals, lifestyle, and how much flexibility you want in a mortgage. Here’s a breakdown to help you decide:
ANZ Home Loan Might Be Right For You If:
- You want a Reputable Lender – ANZ is one of Australia’s “Big Four” banks, known for stability, wide accessibility, and strong customer support.
- You Prefer Flexible Loan Options – ANZ offers various loan types – fixed, variable, or a split option – and lets you choose features like offset accounts or redraw facilities.
- You’re Eligible for Package Discounts – With ANZ’s packages, you can get discounted interest rates, waived fees, and bundled services (but keep in mind the annual fee).
- You’re a First Home Buyer – ANZ participates in the First Home Loan Deposit Scheme (FHLDS) and offers tools like home loan calculators, online pre-approval, and home loan specialists to guide you.
- You Need Online and In-Person Support – ANZ provides strong digital tools for managing your mortgage, but you can also speak to someone face-to-face at a branch.
ANZ Might Not Be Right For You If:
- You’re Looking for the Lowest Rate – While competitive, ANZ’s rates may not be the absolute lowest compared to smaller banks or online lenders.
- You Prefer No Ongoing Fees – Some ANZ loans come with annual fees, especially with their packaged home loans. If you’re fee-sensitive, that might be a downside.
- You Want Ultra-Fast Loan Approval – As a big bank, ANZ’s approval process might be slower than some digital lenders who specialise in fast-tracked applications.
- You Have a Non-Traditional Income or Bad Credit – ANZ generally has strict lending criteria. If you’re self-employed, on a casual income, or have credit issues, you may find it easier to qualify with a specialist lender.
Next Steps And Getting Your Home Loan From ANZ
Our team at Hunter Galloway is here to help you buy a home in Australia. Unlike other mortgage brokers who are just one-person operations, we have an entire team of experts dedicated to helping make your home loan journey as simple as possible.
If you want to get started, please give us a call on 1300 088 065 or book a free assessment online to see how we can help.
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