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RateCity.com.au

Pros and cons

  • Variety of home loan products to choose from
  • Package deals available to bundle other financial products
  • Comprehensive customer service offering
  • Moderate to high interest rates
  • Some home loans have moderate to high fees
  • Higher rates for some types of customers

Owner occupied products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
1 Year Fixed Rate Loan (Min Deposit 20%)
3.29% p.a.
3.25% p.a. Comparison rate
4.19% p.a.
3.33% p.a. Comparison rate
Simplicity Plus Loan (Min Deposit 10%)
3.99% p.a.
3.99% p.a. Comparison rate
3.63% p.a.
3.39% p.a. Comparison rate
2 Year Fixed Rate Loan (Min Deposit 20%)
3.99% p.a.
3.38% p.a. Comparison rate
4.39% p.a.
3.44% p.a. Comparison rate
Standard Variable Loan (Min Deposit 20%)
3.24% p.a.
3.24% p.a. Comparison rate
3.79% p.a.
3.45% p.a. Comparison rate
1 Year Fixed Rate Loan (Min Deposit 10%)
n/a
4.24% p.a.
3.52% p.a. Comparison rate
3 Year Fixed Rate Loan (Min Deposit 20%)
4.39% p.a.
3.54% p.a. Comparison rate
4.69% p.a.
3.61% p.a. Comparison rate
2 Year Fixed Rate Loan (Min Deposit 10%)
n/a
4.44% p.a.
3.62% p.a. Comparison rate
Standard Variable Loan (Min Deposit 5%)
3.44% p.a.
3.44% p.a. Comparison rate
3.99% p.a.
3.66% p.a. Comparison rate
3 Year Fixed Rate Loan (Min Deposit 10%)
n/a
4.74% p.a.
3.77% p.a. Comparison rate
4 Year Fixed Rate Loan (Min Deposit 20%)
4.69% p.a.
3.73% p.a. Comparison rate
4.99% p.a.
3.81% p.a. Comparison rate
4 Year Fixed Rate Loan (Min Deposit 10%)
n/a
5.04% p.a.
3.96% p.a. Comparison rate
5 Year Fixed Rate Loan (Min Deposit 20%)
4.89% p.a.
3.92% p.a. Comparison rate
5.19% p.a.
4.01% p.a. Comparison rate
Simplicity Plus Loan (Min Deposit 20%)
2.54% p.a.
2.55% p.a. Comparison rate
4.19% p.a.
4.07% p.a. Comparison rate
5 Year Fixed Rate Loan (Min Deposit 10%)
n/a
5.24% p.a.
4.15% p.a. Comparison rate
7 Year Fixed Rate Loan (Min Deposit 20%)
7.49% p.a.
5.64% p.a. Comparison rate
7.49% p.a.
5.55% p.a. Comparison rate
7 Year Fixed Rate Loan (Min Deposit 10%)
n/a
7.54% p.a.
5.68% p.a. Comparison rate
10 Year Fixed Rate Loan (Min Deposit 20%)
7.49% p.a.
6.34% p.a. Comparison rate
7.49% p.a.
6.2% p.a. Comparison rate
10 Year Fixed Rate Loan (Min Deposit 10%)
n/a
7.54% p.a.
6.3% p.a. Comparison rate
Simplicity Plus Loan (Min Deposit 30%)
2.44% p.a.
2.45% p.a. Comparison rate
n/a
1 Year Fixed Rate Loan (Min Deposit 5%)
3.34% p.a.
3.44% p.a. Comparison rate
n/a
2 Year Fixed Rate Loan (Min Deposit 5%)
4.04% p.a.
3.55% p.a. Comparison rate
n/a
3 Year Fixed Rate Loan (Min Deposit 5%)
4.44% p.a.
3.7% p.a. Comparison rate
n/a
4 Year Fixed Rate Loan (Min Deposit 5%)
4.74% p.a.
3.88% p.a. Comparison rate
n/a
5 Year Fixed Rate Loan (Min Deposit 5%)
4.94% p.a.
4.06% p.a. Comparison rate
n/a
7 Year Fixed Rate Loan (Min Deposit 5%)
7.54% p.a.
5.77% p.a. Comparison rate
n/a
10 Year Fixed Rate Loan (Min Deposit 5%)
7.54% p.a.
6.43% p.a. Comparison rate
n/a

Investment purpose products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
Simplicity Plus Investment Loan (Min Deposit 30%)
2.74% p.a.
2.74% p.a. Comparison rate
3.14% p.a.
2.89% p.a. Comparison rate
Simplicity Plus Investment Loan (Min Deposit 20%)
2.84% p.a.
2.84% p.a. Comparison rate
3.24% p.a.
2.99% p.a. Comparison rate
Simplicity Plus Investment Loan (Min Deposit 10%)
3.99% p.a.
3.99% p.a. Comparison rate
3.98% p.a.
3.99% p.a. Comparison rate
1 Year Fixed Rate Investment Loan (Min Deposit 20%)
3.49% p.a.
3.81% p.a. Comparison rate
3.69% p.a.
3.83% p.a. Comparison rate
2 Year Fixed Rate Investment Loan (Min Deposit 20%)
4.19% p.a.
3.91% p.a. Comparison rate
4.19% p.a.
3.9% p.a. Comparison rate
Standard Variable Investment Loan (Min Deposit 20%)
3.84% p.a.
3.84% p.a. Comparison rate
4.09% p.a.
3.94% p.a. Comparison rate
1 Year Fixed Rate Investment Loan (Min Deposit 10%)
n/a
3.74% p.a.
4.02% p.a. Comparison rate
3 Year Fixed Rate Investment Loan (Min Deposit 20%)
4.59% p.a.
4.04% p.a. Comparison rate
4.69% p.a.
4.06% p.a. Comparison rate
2 Year Fixed Rate Investment Loan (Min Deposit 10%)
n/a
4.24% p.a.
4.08% p.a. Comparison rate
Standard Variable Investment Loan (Min Deposit 10%)
n/a
4.29% p.a.
4.14% p.a. Comparison rate
4 Year Fixed Rate Investment Loan (Min Deposit 20%)
4.89% p.a.
4.2% p.a. Comparison rate
4.99% p.a.
4.22% p.a. Comparison rate
3 Year Fixed Rate Investment Loan (Min Deposit 10%)
n/a
4.74% p.a.
4.22% p.a. Comparison rate
5 Year Fixed Rate Investment Loan (Min Deposit 20%)
5.09% p.a.
4.36% p.a. Comparison rate
5.19% p.a.
4.38% p.a. Comparison rate
4 Year Fixed Rate Investment Loan (Min Deposit 10%)
n/a
5.04% p.a.
4.37% p.a. Comparison rate
5 Year Fixed Rate Investment Loan (Min Deposit 10%)
n/a
5.24% p.a.
4.52% p.a. Comparison rate
7 Year Fixed Rate Investment Loan (Min Deposit 20%)
7.49% p.a.
5.92% p.a. Comparison rate
7.49% p.a.
5.84% p.a. Comparison rate
7 Year Fixed Rate Investment Loan (Min Deposit 10%)
n/a
7.54% p.a.
5.96% p.a. Comparison rate
10 Year Fixed Rate Investment Loan (Min Deposit 20%)
7.49% p.a.
6.51% p.a. Comparison rate
7.49% p.a.
6.39% p.a. Comparison rate
10 Year Fixed Rate Investment Loan (Min Deposit 10%)
n/a
7.54% p.a.
6.49% p.a. Comparison rate
1 Year Fixed Rate Investment Loan (Min Deposit 5%)
3.54% p.a.
4% p.a. Comparison rate
n/a
Standard Variable Investment Loan (Min Deposit 5%)
4.04% p.a.
4.04% p.a. Comparison rate
n/a
2 Year Fixed Rate Investment Loan (Min Deposit 5%)
4.24% p.a.
4.08% p.a. Comparison rate
n/a
3 Year Fixed Rate Investment Loan (Min Deposit 5%)
4.64% p.a.
4.2% p.a. Comparison rate
n/a
4 Year Fixed Rate Investment Loan (Min Deposit 5%)
4.94% p.a.
4.35% p.a. Comparison rate
n/a
5 Year Fixed Rate Investment Loan (Min Deposit 5%)
5.14% p.a.
4.5% p.a. Comparison rate
n/a
7 Year Fixed Rate Investment Loan (Min Deposit 5%)
7.54% p.a.
6.04% p.a. Comparison rate
n/a
10 Year Fixed Rate Investment Loan (Min Deposit 5%)
7.54% p.a.
6.6% p.a. Comparison rate
n/a

Home loan repayment calculator

Thinking about taking out a home loan with ANZ? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how ANZ home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 2.44%

Total interest payable

$0

Total loan repayments

$0

Contact a mortgage broker

ANZ homeloans are vailable through brokers who can help find the right loan and manage your application at no charge.

ANZ customer service

Home loan customers at ANZ can contact the bank by phone, live chat with ANZ staff online to answer pressing queries or talk to a staff member face to face at a branch.

  • Customer service (phone, email, branch)
  • Mobile app
  • Online banking
  • Live Chat
  • Mobile banking staff

How to apply for an ANZ home loan

Potential ANZ customers can apply for a home loan in several different ways, including by phone, online, visiting a branch or organising for an ANZ representative to come to you. 

Before applying for a home loan, it’s important to consider how much money you can afford to borrow and comfortably repay, given your financial situation and income. 

You will also need to provide documentation when applying for a home loan, including:

  • Personal identification
  • Proof of income (whether from an employer or self-employment)
  • Information regarding your current debts, liabilities and assets.
  • Personal insurance documents.

If you’re refinancing with ANZ, you’ll also have to provide home loan statements for the past three months for the loan you wish to refinance. 

About ANZ home loans

ANZ home loans cater to a wide range of mortgage customers.

Home loans offered by ANZ include:

  • Owner-occupier home loans
  • Investor home loans
  • Low-doc home loans
  • Bridging loans
  • Reverse mortgages

ANZ home loan borrowers can also choose from a range of interest rate options:

  • Principal and interest
  • Interest-only
  • Fixed interest rate
  • Variable interest rate
  • Split loans (fixed and variable rates)

Borrowers who bundle their home loan with an ANZ transaction account and credit card may also be able to take advantage of interest rate discounts, waived fees and a range of other features.

Some ANZ home loans also come with introductory offers and interest rate discounts.

ANZ home loans have a maximum loan term of 30 years. Some loans allow unlimited extra repayments, while others allow extra repayments with restrictions.

ANZ home loan rates

ANZ home loan rates vary depending on the product but tend to range between moderately low and moderately high. As an established brand and one of Australia’s biggest banks, ANZ doesn’t have to undercut competitors with low rates, so interest rates tend to sit in the mid-range.

As is the case for many home lenders, ANZ generally offers lower interest rates to owner-occupiers than to investors, and borrowers making principal and interest payments tend to get lower interest rates than those making interest-only payments. Likewise, ANZ’s borrowers with lower LVRs (loan-to-value ratios) are generally offered lower interest rates than borrowers with higher LVRs.

ANZ also offers different interest rates depending on whether the borrower applies for a variable mortgage, a one-year fixed-rate mortgage, two-year fixed-rate mortgage, three-year fixed rate-mortgage or five-year fixed rate mortgage.

ANZ home loans review

In a varied and ever-changing mortgage market, ANZ has the advantage of being established and well-known, so customers often see the bank as a reliable option for home loans.

As you might expect from one of the big four banks, ANZ offers home loans to suit a wide range of borrowers, ranging from basic owner-occupier home loans to more specialist loans, including reverse mortgages, bridging loans and others. It is worth noting that ANZ does not offer SMSF loans.

While ANZ offers convenience through its extensive network of branches and customer service options, it isn’t the cheapest option on the market for home loans. Interest rates tend to range from moderately low to moderately high, while its fees typically range from very low to high.

Learn more about home loans

How do you compare home loans?

To compare home loans, you can assess the components of the loan against your own financial situation and other mortgages in the market.

Look at the interest rate, rate type (fixed or variable), loan fees, features, loan term, repayment frequency and more to find a home loan that fits with your budget and property goals.

Then, use comparison tools like comparison tables, calculators, or RateCity's Real Time RatingsTM to create a short list of home loan options, and decide which home loan best suits your needs.

Do you compare mortgages using the comparison or advertised rate?

A lot of Australians compare home loans using the advertised interest rate, which indicates how much interest you’ll be charged on your mortgage repayments. The lower your rate, the cheaper your home loan should be.

However, interest charges aren’t the only cost associated with home loans. Most mortgage lenders also charge fees on their home loans. A mortgage with a low interest rate and high fees can sometimes cost more than a mortgage with a high interest rate and low fees.

A home loan’s comparison rate combines the cost of interest with the cost of standard fees and charges into a single percentage rate. Mortgage lenders are required to display a comparison rate alongside their advertised rate to better indicate the home loan’s overall cost.

Keep in mind that to ensure consistency, all comparison rates are calculated assuming a $150,000 principal and interest mortgage with a 25 year term. As your home loan may be different, the comparison rate may not accurately reflect exactly how much your home loan may cost. Also, the comparison rate doesn’t include every home loan fee and charge, so it’s still important to compare home loans and read the fine print before you apply.

Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?

No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.

However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.

Where can I get all the information about an ANZ first home buyer’s loan?

As a first home buyer, you may require help and hand-holding, and as such ANZ has the buying your first home section on its website full of important information. ANZ also has a form in this section you can fill out to get a free consultation from an ANZ First Home Coach and create your own plan for buying your first home. This coach will help you understand where your current income is being spent and plan for your home loan repayments. You’ll get a clear picture of the costs involved in purchasing a property and how to budget or save for these costs. The coach will help you understand different deposit options and manage your accounts to enhance your savings.

There are three types of ANZ first home loans - Standard Variable, Fixed, and Equity Manager. The features, interest rates, and terms for each are different, and you can compare them here.

When they apply for an ANZ home loan, first home buyers can also get guidance on applying for the First Home Owner Grant (FHOG). This is a one-off government grant that may be available to you when you’re buying your first home. The eligibility criteria for FHOG differs between the different states and territories, which is why it’s helpful to have expert advice when applying.

How long does ANZ take to approve a home loan?

The process of applying for a home loan usually stays the same across all lenders. On the other hand, the time it takes for a lender to approve the home loan differs from lender to lender. When it comes to ANZ, it takes anywhere between 15 to 18 business days to approve a home loan from the day of the application to approval. This timeframe is highly dependent on the credibility and availability of your documentation. You can apply for an ANZ home loan in two ways; a Quick Start home loan application or a full online application.

If you opt for the Quick Start home loan option, you’ll need to fill out a form with basic details. During this stage, you don’t need to add any supporting information. An ANZ representative will then call you within 48 hours. The representative will help take your application forward, including assessing all relevant information, documentation and conducting a credit check.

You can also submit your entire home loan application with ANZ online by filling out a comprehensive form with all the information and documentation needed.

Once ANZ has conducted the preliminary checks, you’ll be informed of the pre-approved amount they’re willing to offer. Based on this amount, you can set a budget for your property search and make sure you stay inside your budget. Pre-approval will last for three months but can be extended by applying with ANZ if you don’t find a property. But it’s best to find a property as soon as possible as ANZ may decide to change the amount if your financial situation changes.

After you find a property and have your offer accepted, ANZ may send an assessor to the property to verify it’s value. If everything is per their terms and conditions, ANZ will finalise your home loan’s approval and release the funds.

What are the different types of home loan interest rates?

A home loan interest rate is used to calculate how much you’ll pay the lender, usually annually, above the amount you borrow. It’s what the lenders charge you for them lending you money and will impact the total amount you’ll pay over the life of your home loan. 

Having understood what are home loan rates in general, here are the two types you usually have with a home loan:

Fixed rates

These interest rates remain constant for a specific period and are a good option if you’re a first-time buyer or if you’re looking for a fixed monthly repayment. One possible downside of a fixed rate is that it may be higher than a variable rate. Also, you don’t benefit from any lowering of interest rates in the market. On the flip side, if rates go up, your rate won’t change, possibly saving you money.

Variable rates

With variable interest rates, the lender can change them at any time. This change can be based on economic conditions or other reasons. Changes in interest rates could be beneficial if your monthly repayment decreases but can be a problem if it increases. Variable interest rates offer several other benefits often not available with fixed rate home loans like redraw and offset facilities and free extra repayments. 

Is the lowest home loan rate always the cheapest?

The home loan with the lowest interest rate may not always be the cheapest mortgage option for you. Sometimes a home loan with a low interest rate may charge high fees, which may cost more in total than a mortgage with a higher interest rate and no fees.

Consider checking the comparison rate, which combines interest and standard fees, to get a better idea of the overall cost of different home loan options.

How do you find cheap home loans?

With so many interest rate options and repayment types available, finding the cheapest home loan may depend on the type of loan you choose.

Whether you’re looking for an owner-occupier or investor loan, with interest-only or principal and interest repayments, on a fixed or variable interest rate, the cheapest home loan rate available may vary greatly.

One way to find the cheapest option for you is to narrow down your search and compare the options that best suit your individual requirements. RateCity’s home loan comparison tables can help you get started on your search and take the hassle out of shopping around.

What is a home loan?

A home loan is a finance product that allows a home buyer to borrow a large sum of money from a lender for the purchase of a residential property. The home is then put up as "security" or "collateral" on the loan, giving the lender the right to repossess the property in the case that the borrower fails to repay their loan.

Once you take out a home loan, you'll need to repay the amount borrowed, plus interest, in regular instalments over a predetermined period of time.

The interest you're charged on each mortgage repayment is based on your remaining loan amount, also known as your loan principal. The rate at which interest is charged on your home loan principal is expressed as a percentage.

Different home loan products charge different interest rates and fees, and offer a range of different features to suit a variety of buyers’ needs.

What is a mortgage rate?

The interest rate on a home loan is sometimes called the mortgage rate. This percentage indicates how much interest the lender will charge you with each home loan repayment. Your interest rate is effectively the “cost” of “buying” the money you’re using to buy a property – the higher your mortgage rate, the more your home loan repayments may cost.

Using a home loan calculator, you can estimate how much your home loan repayments may cost, based on your mortgage rate, loan term, and loan amount. This may also be affected by whether you’re making principal and interest repayments or interest-only repayments, if you have a fixed rate or variable rate mortgage, and any fees and other charges that may apply.

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

How does ANZ calculate early repayment costs?

If you have a fixed interest home loan, you’ll pay ANZ home loan early exit fees for partial or full repayment of the loan amount before the end of the fixed interest rate duration. These fees are also payable if you switch to another variable or fixed-rate loan.

The ANZ mortgage early exit fees can vary and you can get an estimate from the lender before you decide to prepay the loan. However, the exact early repayment cost can be determined when you prepay the loan.

The early exit fees are calculated after considering factors like the prepayment amount, the period left before the fixed-rate duration ends, and the change in the market rates since the beginning of the fixed-rate period. The early exit fees may not be charged if you’re paying off a smaller amount. You can check with ANZ to see how much you’ll have to pay.

Are fixed rates or variable rates cheaper?

Fixed and variable home loan interest rates are discretionary based on the lender’s decision. They will also be influenced by the Australian economy, as well as the Reserve Bank of Australia’s cash rate. The specific interest rate you may be offered will also depend on your credit history and financial situation.

Whether a fixed or variable rate home loan is the cheaper option for you will depend on all the above, and may still fluctuate over a 25-year home loan term. Therefore, it’s worth comparing your loan options with our comparison tables to see how the rates compare, based on your specific financial needs.

If a mortgage rate changes, will it affect your repayments?

If you have a variable rate home loan, changes to your mortgage rate may affect the cost of your repayments. Rising interest rate could cost you more in interest charges, while interest rate cuts could see you paying less interest on your home loan.

If you have a fixed rate home loan, your interest charges will stay the same during the fixed interest period, regardless of whether the lender’s variable rates rise or fall. Once the fixed rate term expires, your loan will revert to a variable rate, so be prepared in case of bill shock.

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.