ANZ home loan review

Compare interest rates and fees for ANZ Home Loans.

Updated 24 Jan 2024

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Comparing ANZ home loan review for over years

ANZ Simplicity PLUS

ANZ Simplicity PLUS

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  • Get $2,000 cashback when borrowing 80% or less of the property value or get a $3,000 bonus for first-home buyers.
  • Competitive variable interest rates and no monthly fee.
  • Make extra repayments at any time.

Founded in 1835 as the Bank of Australasia, this Big Four bank changed its name toANZ in 1951. It now ranks in the top 50 global banks. ANZ caters to the mass market and has a wide range of low risk loans for both home buyers and investors.

ANZ offers a range of fixed and variable rate home loans for owner occupiers and residential property investors. It also offer residential land loans and investment land loans. Many of the loans may be packaged with ANZ Breakfree to get special rate discounts.

Product offerings

ANZ offers standard variable home loans and fixed rate home loans.

  • Each type has variations for owner occupier, residential investment properties, residential land and residential investment land.
  • Special interest rate discounts when packaged with ANZ Breakfree package.
  • Pay on principal and interest or interest only basis (some limits apply)
  • There is also an interest in advance type loan
  • Fixed rate home loans come with 1, 2, 3, 4, 5, 7 or 10 year fixed periods
  • Minimum loan amount: $20,000
  • Borrow up to 90% LVR for new customers
  • Up to 95% LVR for existing customers paying principal and interest
  • Up to 80% for customers on interest only repayments
  • LMI waived and special rate discounts if borrowing less than 80% of property value
  • Special discounts for borrowing less than 80% LVR
  • ANZ Simplicity Plus home loan does not have an annual fee or an offset

Other popular features include :

  • Waivers of loan approval and renegotiation fees
  • Lock rate fees on fixed rate loans
  • Redraw available on some loans with no redraw fees
  • Early repayment, free on variable and fixed rate carries fee
  • 100% offset on variable rate loans and one year fixed rate home loans
  • Loan splits allowed, may carry a fee
  • Ability to draw down progressively on all construction loans

Record on rate cuts

ANZ revised its interest rates down to reflect RBA rate cuts in 2019 and March 2020. After the 2020 November rate cut, it introduced lower rate fixed loans, but did not pass on the cut to its variable home loan rates.


To apply for an ANZ home loan you must:

  • Be over 18
  • Be an Australian or New Zealand citizen or permanent resident
  • Have a primary income in Australian dollars
  • Show proof of identity
  • Show proof of income
  • Detail your living expenses
  • Detail other loans or debts, including credit cards, and how much your repay

Pros and Cons


  • Wide range of fixed and variable rate home loans
  • Guarantor loans for first home buyers, works with government grants
  • Investor home loans, land loans and construction loans
  • Refinancing for existing home loans
  • Can negotiate to get better rates than advertised
  • Upfront bank valuations before applying
  • Special discounts for preferred professionals
  • ANZ customers may find it easier to qualify for loans
  • Works with mortgage brokers


  • New borrowers may find it difficult to borrow over 90% LVR
  • Fussy on minor details in assessing living expenses
  • First home buyers with a low deposit (below 20% of property value) may not get approved
  • Not favourable for applicants with a poor credit history
  • Self-employed borrowers may not be eligible if they can’t prove income
  • Highly complex borrowing power calculator leads to errors
  • Tough credit scoring leads to declined applications for no apparent reason
  • Administration and credit facility fees
  • Lock rate fees on fixed rate loans
  • Being a big bank, you may feel like just another number