ANZ Plus: Now Available in More Areas with a Low 6.14% Home Loan Rate

In a move set to benefit homeowners in regional areas, ANZ has widened the eligibility criteria for its ANZ Plus home loan, its digital-only mortgage offering. At the time of writing, this low-rate product comes with a variable interest rate of 6.14% p.a., offering a competitive alternative for borrowers looking to refinance their existing loans.

The expansion opens up access to borrowers in several regional areas of Victoria, New South Wales, South Australia, Queensland, and Western Australia, a marked shift from the previous restriction to capital cities and major regional centres. However, borrowers in Tasmania and the Northern Territory will have to wait for further updates, as the product is still unavailable in these areas.

ANZ Plus vs. Competitors: The Competitive Edge

ANZ Plus is not just about geographical expansion; it offers one of the lowest variable rates among digital home loans. Its 6.14% p.a. rate compares favourably to CommBank’s Digi Home Loan, currently at 6.15% p.a. . Both products beat the average new home loan variable rate of 6.3% p.a. seen in June, making ANZ Plus a particularly appealing option for those in the eligible regions.

Who Can Qualify for ANZ Plus?

While the ANZ Plus mortgage offers attractive rates, it is currently available to a limited group of borrowers. Key eligibility criteria include:

• Refinancing Only: The product is only available to owner-occupiers refinancing their current loan.
• Principal and Interest Repayments: Borrowers must be making principal and interest repayments on their existing mortgage.
• Loan-to-Value Ratio (LVR): The LVR must be 80% or less, though this may vary based on property type.

The app-based application process means borrowers can potentially receive approval within minutes, making it a streamlined choice for digital-first customers. However, given the restrictions, many mortgage holders may need to wait for further expansions before they can take advantage of this product.

ANZ Plus Home Loan Features: Personalisation and Financial Tools

ANZ has expanded the reach of its home loan product and added several new features designed to improve borrower experience and financial well-being. According to ANZ Australian Retail Executive Maile Carnegie, these enhancements provide “more personalisation and features to help customers better understand their home loans.”

Key features include:

• Offset Account Option: Borrowers can convert their existing ANZ Plus deposit account into an offset account for a $10 monthly fee, helping to reduce the interest payable on their loan.
• Equity Release: This feature allows borrowers to unlock home equity, providing additional flexibility for future financial plans.
• Insights Tab: A tool designed to help borrowers see how additional payments—such as lump sums or increased auto-repayments—could reduce the life of their loan.

In recent months, ANZ has also raised the borrowing limit to $2 million and opened the product to Foreign Tax Residents and permanent residents, further expanding its potential customer base.

Is the ANZ Plus Home Loan Right for You?

With its competitive rates, digital convenience, and new financial tools, the ANZ Plus home loan is a compelling option for eligible borrowers looking to refinance. However, its restrictions—particularly the LVR cap and the limitation to owner-occupiers—mean it won’t be a fit for everyone. If you’re unsure whether you qualify or want to explore other competitive options, now is the time to take action.

Explore Your Home Loan Options with Vantage Home Loans

At Vantage Financial, we’re here to help you find the best home loan for your needs, whether you’re eligible for ANZ Plus or looking for a broader range of options. Our team of mortgage experts is ready to guide you through the process, ensuring you secure the best possible rate.

Get started today by calling 1800 595 500, emailing [email protected], or visiting vantagefinancial.com.au. Let’s make your home loan work for you!