ANZ Plus expands home lending eligibility criteria alongside new tools and features

ANZ has announced an expanded eligibility criteria for ANZ Plus home loans, opening it to customers in regional locations in Victoria, New South Wales, South Australia, Queensland and Western Australia.

This regional expansion comes among a suite of new tools and features including offset accounts, insights to help customers own their home sooner and the ability for customers to apply to take cash out of their home equity for home improvements, vehicle purchases or other lifestyle expenses.

Maile Carnegie, Group Executive Australia Retail said: “As we continue to build on our ANZ Plus home lending offering, we’re able to provide customers with more personalisation and features to help them better understand their home loans and improve their financial wellbeing.

“Owning a home is one of the biggest financial commitments most people will make in their lifetime, and we believe the process of finding the right home loan should be as easy and convenient as possible. The expanded eligibility, along with the addition of new features, like Home Loan Insights, offset and our upgraded website which allows customers to get a valuation for their property before applying, enables more customers to interact with ANZ Plus.”

The new ANZ Plus Home Loan features include:

• Offset

A new offset feature allows customers to use their eligible ANZ Plus everyday account balances to reduce the interest they pay on their ANZ Plus Home Loan. The offset can be turned off and on as needed. A monthly fee of $10 applies.

• Cash out

ANZ Plus home loan customers can now apply to access home equity for home improvement, a vehicle purchase or other lifestyle expenses. This feature builds on ANZ’s commitment to support financial wellbeing, making it easier for customers to access funds to improve their homes and lives.

• Insights

A new Insights tab shows customers how far ahead on their home loan they are and presents three simple steps they can take to get further ahead - make a lump sum payment, increase auto-repayments and turn on offset. Customers are shown an estimate of how much time will be shaved off their final loan repayment date as they make these changes, helping them to own their home sooner.  

• Explore via the web

Potential customers can explore the ANZ Plus Home Loan offer via the website, see estimated repayments and get a valuation for their property, and if right for them, transition to the ANZ Plus app where their loan preferences will be saved and ready for them when they join ANZ Plus. 

Since launch, ANZ Plus has expanded its home lending eligibility by increasing the maximum loan value to $2 million, allowing Foreign Tax residents and permanent residents to apply and expanding locations to include eligible properties in five states and territories.

The end-to-end digital home lending process can be completed quickly and easily within the ANZ Plus mobile app including selfie verification before customers electronically sign their loan documents.

Built by ANZ, ANZ Plus continues to be one of the fastest growing digital banking platforms in Australia, with more than $15 billion in deposits and 800,000 customers, 41% of whom are new to ANZ.

For more information visit: https://www.anz.com.au/plus

About ANZ Plus: 

• ANZ Plus utilises modern technology, resulting in the delivery of not just a new app or new product offering, but a new retail banking platform for ANZ.
• ANZ Plus launched its first transact and save products to customers in 2022, with the initial home loan added late-2023

About ANZ Plus home lending:

• The ANZ Plus Home Loan Variable is digital-first, data-driven, highly automated and supported by ANZ Plus Coaches. With ANZ Plus home lending eligible customers who wish to refinance can:
  • Verify their identity in a few minutes via the app with no paper required.
  • See a valuation of their home, so they can apply with confidence knowing it’s the valuation used to assess their application.
  • Receive their loan documents - written in simple language - in seconds.
  • Access ANZ Plus Coaches who are on hand to help via chat, phone or secure in-app video call.

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