ANZ Home Loan Review

Expert Rating - (4.5/5)
4.5/5

An overall rating of 4.5 is given to ANZ by a group of our senior mortgage brokers. The overall experience for our clients who have mortgages with ANZ has been consistently positive. Additionally, as mortgage brokers, we also love working with them as they are very accommodating and transparent in their communication and policies. However, in the last two years, we have witnessed ridiculously long processing times for a home loan approval. Overall, we believe ANZ is a good major lender for people with strong credit histories.

Reservoir Finance Score Breakdown

How does ANZ fair? Let’s break it down. Our Reservoir Finance rating assesses a lender on five key criteria:

Although variable rates at ANZ are relatively higher, their fixed rates are considerably competitive. ANZ’s Breakfree Package provides a wide range of options and discounts which further increases its competitiveness in the market.

ANZ has a relatively loose borrowing capacity in the market. All things being equal, you may end up borrowing more with ANZ than all other major banks for the time being. However, their higher Household Expenditure Measure (HEM) may slightly lower the borrowing capacity.

ANZ accepts nearly all types of employees, in particular, they are most attractive to medical specialists. However, ANZ in general needs to see at least three months continuous employment income and therefore not very friendly towards borrowers who just recently started their jobs. Self-employed people are more warmly welcomed in ANZ than nearly all other major banks. ANZ accepts minimum 1.5 years ABN while all others need to see 2 years minimum ABN registration. ANZ also accepts most recent financials to verify business income, while most others need to see last two years’ financials and will either average last two years’ figures, or take a 120% of the previous financial figures if the current year’s profit has been significantly increased.

Wide range of ANZ home loan products are designed for average Australians chasing low risks. ANZ can be easily reached by many different ways, including face-to-face support at one of their over 1,000 branches, online and telephone support.

ANZ has been successful overall in terms of customer services though definitely not at the top of rank. Improvements in customer maintenance has overall been expected.

Is ANZ a good lender? Our final score...

Final Score - 4.5 out of 5
4.5/5

Overall, ANZ is one of the most popular home loan choices in Australia. They in general favors first home buyers and arguably the most friendly lender towards self employed borrowers. As a Big Four bank, ANZ always wants clear credit clients, just like all other major banks. Though their branches may be not always the best, they are still at the top end in terms of customer services. ANZ’s rate and fees are considered standard, though in general not among the cheapest in the market.

What we like

What we don't

The Australian and New Zealand Banking Group (ANZ), founded in 1835, is one of the Big Four banking groups in Australia. This ASX listed company is funded by retail deposits and wholesale capital markets. ANZ offers a variety of full-featured flexible home loans and is undoubtedly a top national lender in Australia. Their loan products suit most owner occupiers and property investors.

Reservoir Finance’s senior mortgage brokers surveyed our customers and combined it with our experience in working with them to bring you this comprehensive review of ANZ Home Loans.

There is a wide variety of home loan products available to owner occupiers and investors. The ANZ Breakfree Package is the main home loan product that they push and it acts as an addon for a wide range of loan products. It offers various discounts and benefits to homebuyers. The basic home loan product, ANZ Simplicity PLUS, is also available at ANZ.

Current (as of 25th Feb 2021) owner occupied home loan rates start from 2.09% p.a. for fixed and 2.72% p.a. for variable while the investment home loan rates starts from 2.49% p.a. for fixed and 3.12% p.a. for variable.

In terms of fees, here is a summary for most relevant fees (as of November 2020).

ANZ’s facilities are comprehensive with different options to cater for different borrowers, however they generally only offer secured home loans (we have other lenders if you are looking for a low document home loan). We have summarised the home loan product features in the table below.

* Available only for 1 Year Fixed Loan
** Early repayment cost may apply if extra repayment is more than the lesser of 5% of the loan amount at the start of the fixed rate period or $5,000 in each year of the fixed rate period.

ANZ home loan product suits those who have a clean credit history and desire for branch services (especially for migrants who speak English as a second language). It is also an outstanding choice for people who work in certain sectors and are willing to take high LVR loans. Plus, ANZ also suits those who are self-employed and have just experienced their best year and only want to show their latest financial performance.

For eligible existing borrowing customers, the maximum LVR at ANZ is 95% inclusive of LMI for owner occupiers. The maximum LVR is 90% inclusive of LMI for both non eligible owner occupiers and investors. Doctors and other medical specialists are able to borrow at 90% LVR with NO LMI (learn more about LMI waivers for medical professionals).

We are able to provide a detailed borrowing capacity calculation for you specifically with ANZ. But we may need you to help us understand your financial situation better.


Please fill in the following two calculators on our website, print the calculators as pdf, save and send them to [email protected] – we will get back to you within 1 calendar day.


Calculator 1: How Much Can I Borrow? (No worries if the calculator gives you a result lower than your expectation. We can always help.)

Calculator 2: Budget Planner. (It’s always important for us to understand your incomes but also expenses. Be patient as it’s not a short form.)

ANZ can be reached through their branches, websites and phone calls. Mortgage brokers are also available for ANZ home loan applications. However, customer service at ANZ is considerably average according to user reviews. Instances observed include failure to link offset accounts and mischarged fees. In case you are mistreated by the lender in whatever way, please feel free to contact us at [email protected] for free consultation.

ANZ home loans can be applied via their branches and lenders; however, a majority of ANZ home loans are settled through mortgage brokers. As mortgage brokers, we compare, you choose. We will help you compile all the necessary documents in order to streamline the home loan approval process to minimise back and forth with ANZ. Contact us to get our dedicated mortgage brokers’ help. As experienced senior mortgage brokers, we are well equipped in our knowledge and confident to provide premium services to our clients.

With attractive discounts and benefits, one-year Fixed Rate Home Loan with ANZ Breakfree package (Principal and Interest Repayment) is the most popular and a unique niche mortgage product at ANZ. The current interest rate is at 2.09% with 100% offset function – the only product in its kind among the Big Four banks in Australia. It is very popular with our customers too.

Interested in applying for a ANZ Home Loan?

Contact Reservoir Finance today and let us help determine if a ANZ Home Loan is best for your personal circumstances. Whilst they have a relatively generous borrowing capacity compared to other lenders, it is accompanied by strict credit score assessment which means it may not be suited for everyone. It’s best to chat with us to see if it is suitable for you or if there are other better loan products on the market.

The Reservoir Finance team aims to help Australians fulfill their dreams of home ownership, achieving financial freedom and protecting their hard earned money. We are a values based group of finance brokers and always seek to put your needs first as your success is in our best interest. Contact us below or find out more about us here.

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