ANZ Home Loans Review for Expats
As one of the largest banking groups in New Zealand and the Pacific, ANZ home loans offer several benefits for expats and overseas borrowers.
Want to know if you qualify for a home loan or refinance with ANZ?
- ANZ Bridging Finance
- ANZ Supplementary Loan
- ANZ Construction Loan
Here is everything you need to know about obtaining a home loan from ANZ as an Australian Expat.
Getting ANZ Home Loan has never been so comfortable
Here is everything you need to know about obtaining a home loan from ANZ as an Australian Expat.
ANZ Standard Variable Loan
ANZ’s standard variable home loan gives you the flexibility to react to any economic changes. Furthermore, borrowers also have the option to pay to make extra repayments and pay off the loan earlier.
You can do this by utilising the ANZ One Offset account and redraw facility, allowing you to choose the loan term and repayment frequency.
As with most variable home loans, interest rates will be subject to change throughout the lifetime of the loan. At ANZ, the minimum loan amount is $20,000, with a maximum loan term of 30 years with no ongoing fees. It includes loan approval or loan administration charges. However, other fees may apply, such as late payment and settlement fees.
*Note that interest rates apply on the day you draw your loan. Not at the time of application. Thus, they are subject to change.
ANZ Fixed Loan
With the ANZ fixed loan package, expats can secure a stable interest rate that will not change throughout the loan's lifetime. By the end of your fixed-rate term, borrowers can stay with the variable rate or fix the rate again for another period.
The minimum loan amount is $20,000, with a maximum loan term of 30 years. Further, the borrower would need to pay an annual fee of $395 in advance. However, no loan administration charges will apply.
Australian property investors from overseas can access a 5-year fixed interest rate of 6.64%.
*Note that interest rates apply on the day you draw your loan. Not at the time of application. Thus, they are subject to change.
ANZ Simplicity PLUS Loan
The ANZ Simplicity Plus package gives you a competitive variable rate with only the basic features of a home loan. It allows ANZ customers to access a lower variable rate than the Standard Variable Home Loan Package but without waived fees.
The minimum loan amount is $50,000, and you do not need to pay ongoing home loan fees. This package allows you to make extra repayments and redraw those funds if needed. However, this product has no offset account.
Pay off your home loan sooner by making extra repayments on ANZ Simplicity PLUS.
ANZ One Offet Account
The ANZ One Offset Account helps reduce the interest you pay on your home loan. Your offset account links to your ANZ Standard Variable or Fixed loan and can be used to 'offset' the amount you owe on the loan.
You'll only pay interest on the difference when you offset your loan balance with the funds in your ANZ One account. You can use 100% funds in your offset account.
For example, if your total loan balance is $350,000 and you have an offset account of $25,000, you'll only have to pay interest on $325,000. Doing this will save you an estimated $75,000 on your total mortgage.
If you struggle to decide which loan fits your financial situation best, feel free to speak with us today.
Benefits of choosing ANZ Bank
Before choosing ANZ, consider the advantages of the services and the challenges you may face.
| Benefits | Challenges |
|---|---|
Australian expats and overseas residents can borrow up to 80%. | Foreign income applicants will meet stricter Servicing assessments. |
Get cashback and rebates for refinancing purposes. | Foreign income from rent is not accepted. |
Most foreign currency income is accepted. | Australian tax rates apply to all income. |
ANZ sometimes offers cashback and rebates for refinancing purposes. | ANZ has several features attached to its home loan packages |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
ANZ home loans review and features
What mortgage features and options are available at ANZ for expats.
| Feature | Details |
|---|---|
Deposit Size | ANZ prefers a home loan deposit of 20% or more when applying for a home loan. |
Offset Account | A transaction account linked to home or investment loans. You can use this account to offset the amount you owe on the loan, and ANZ will only charge the interest in the difference. |
Repayment Options | Depending on your loan type, you can make repayments weekly, fortnightly or monthly via ANZ’s Internet Banking services. You can also make interest-only repayments for an agreed term. |
Package Benefits | With ANZ packages, borrowers can access lower interest rates, free offset accounts, credit cards, and benefit from waived fees. |
No Ongoing Fees | Only pay for the features you choose to use without being charged any setup or ongoing fees. |
Expat Information | ANZ expat mortgages are available for Australian expats living overseas. ANZ can also assist with loan applications in various foreign currencies. |
Facts about ANZ Home Loans
As one of the biggest Australian lenders, ANZ has many home loan packages. Besides essential home loans, ANZ also provides mortgage packages with extra benefits.
ANZ supports foreign currencies as part of your home loan application. However, you may meet more challenging assessment criteria.
You can borrow up to 80% on the home loan even if you live overseas.
ANZ offers a more accessible fee structure that waives any ongoing mortgage fees. It includes loan approval and administration fees.
How do I apply?
You will need to meet the required criteria and provide the requested documents to qualify for a home loan from ANZ.
Who is eligible?
- Be over the age of 18.
- Be an Australian or New Zealand citizen or permanent resident.
What documents do I require?
You will need to provide ANZ with the following documents:
Form of Identification
Passport, driver's licence, birth certificate etc.
Statement of Income
Bank account statements showing three months of salary income.
Financial Position
Assets like shares and vehicles, such as credit card limits and living expenses.
Property Details
Mortgage and rental income statement.
If you need help applying for a home loan at ANZ, you can speak with one of our expert mortgage brokers today.
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Other Related Products from ANZ
Unfortunately, the ANZ Breakfree Package review is unavailable because the package was discontinued by the bank. However, here are other options that the bank provides.
ANZ Bridging Finance
If you want to buy a property before selling an existing one, then ANZ Bridging Finance allows you to do this. The loan term for this product is six months (12 months if your property is under construction), and ANZ standard variable interest rates apply.
ANZ Supplementary Loan
If you already have an ANZ home loan and have equity in that property, then you can tap into that equity with a supplementary loan. The maximum loan term is ten years, but you could negotiate with ANZ should you need to extend the term.
ANZ Construction Loan
If you’re looking to build a home or renovate an existing building, then a construction loan may be what you need. Build your home with the flexibility to draw down funds to pay at key stages of the construction process.
Was our ANZ home loan product review helpful? Let us know by contacting us at support@odinmortgage.com.
FAQs about ANZ home loans
Most ANZ home loans are calculated daily and charged monthly. ANZ offers many home loan products, such as its Standard Variable Home Loan and Simplicity Plus. Borrowers can pick a package and benefit from fee waivers and discounted offers on credit cards.
The Investment ANZ Standard Variable home loans, the discounted principal & interest rate is from 5.99% p.a. On fixed-rate home loans, a 1-year fixed will have an interest rate of 5.49% and a 5-year fixed will have an interest rate of 6.39%. Generally, ANZ Simplicity Plus home loans can range up to 4.94%. Additionally, you can refer to our Mortgage Rates page for more information.
You can connect your account in three ways if you have access to ANZ’s online banking services. Firstly, you can use the ANZ link account function. It will take 24-48 hours. Secondly, contact the ANZ Internet Banking team directly via phone or email. Thirdly, and most commonly, you can visit your local ANZ branch and link your accounts immediately.
If you’re having trouble linking your account, we recommend contacting the support team for help.
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