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ANZ Plus launches app-only home loan
ANZ Plus, the app-based platform from Australia’s fourth largest bank, ANZ, is now offering digital home loans to select customers.
ANZ Plus Home Loans is available to refinancers in the NSW and Victoria metro areas with a minimum of 20 per cent deposit.
Launched on 10 November, the home loan is only available through the ANZ Plus app for customers with Android devices, however, the bank says it will be rolled out to iOS customers soon.
Customers must be owner-occupiers, cannot own other properties, and must commit to paying principal and interest. See list of eligibility requirements here. The loan does not currently offer access to an offset account, but does offer a redraw facility.
The bank’s advertised variable rate is currently 5.89 per cent, however, this does not include the latest RBA rate hike. If ANZ passes this on in full, it could see the rate rise to 6.14 per cent.
The rollout will be extended to brokers over time.
ANZ is not the only big bank to focus on a digital-only home loan. Last May, CBA launched Unloan, which specialises in 10-minute home loans, while in July, Westpac announced the roll out of 10 minute digital mortgages. NAB offers Simple Home Loans and digital loans via its subsidiary Ubank, which do not require documents such as payslips.
Big four banks’ digital home loans – what they currently offer
| Digital offering | Lowest advertised rate (PRE hike) | Available to | Broker access? | Access via? | |
| CBA | Digital applications in ‘minutes’ via Unloan. | 5.74% | Refinancers with 20%+ deposit | No | Online |
| Westpac | Unconditional approval in as little as 10 minutes via its digital mortgage. | 6.09% for 2 yrs
then +0.40% | Refinancers applying for Westpac’s basic loan with 20%+ deposit. | Not for the digital mortgage | Online |
| NAB | Unconditional approval in as little as 15 mins via NAB’s Simple Home Loan.
Application and supporting documents actioned within a few hours regardless of channel via UBank. | NAB: 6.59%
UBank: 5.84% | New loans and refinancers
Deposit size varies. | Yes for both NAB and UBank | NAB – online, app, in person, Zoom
Ubank – online, phone |
| ANZ | Applications finalised in 45 mins via ANZ Plus app. | 5.89% | Refinancers with 20%+ deposit.
Must be in metro NSW and Vic and have android device. | Available at a later date | App only |
Source: RateCity.com.au
RateCity.com.au research director, Sally Tindall, said: “ANZ has finally made it to the digital party, launching its new app-based home loan to select refinancers.”
“Like many of the others, it’s coming in toe first by opening the application funnel to ‘safe’ borrowers – that is – owner-occupiers looking to refinance with a decent amount of equity behind them,” she said.
“ANZ’s new offering is only available in only select metropolitan areas to Android users, which will initially limit the number of potential applicants, although their eligibility criteria is expected to expand over time.
“With a rate of 5.89 per cent before the November hike takes effect, ANZ’s new loan is in the lowest 5 per cent of all mortgages on the RateCity.com.au database.
“While the ANZ Plus home loan will attract attention from customers looking for a competitive rate from a big four bank, CBA’s digital mortgage, Unloan, still pips it by a matter of 0.15 percentage points.
“Potential customers will only be able to apply via the relatively new ANZ Plus app – a requirement that will appeal to plenty of tech savvy customers, but could have others running for the hills.
“Interestingly, the bank has decided to offer up this platform to brokers over time – something big bank competitor CBA does not provide via its digital arm, Unloan,” she said.
Compare home loans in Australia
Product database updated 24 Nov, 2024
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