ANZ unveils digital home loan

Major bank ANZ has launched a new end-to-end digital home loan through its ANZ Plus mobile app. The digital home loan is available through iOS and Android and is currently only available to eligible owner-occupier applicants in metro NSW and Victoria for refinancing.

According to ANZ, the ANZ Plus home lending process provides its customers with an up-to-date value of their home upfront, a quick approval process and the ability to track settlements from start to finish.

The offering is currently available through the direct-only channel, with a broker offering and purchase loans expected to be rolled out in the future.

ANZ group executive, Australia retail Maile Carnegie commented that owning a home is “one of the biggest financial commitments most people will make in their lifetime”.

“We believe the process should help customers to find the right loan for them, as easy and fast as possible,” Ms Carnegie said.

“Additional features, more complex loan types and insights and tools to help customers own their home sooner will be added over time.”

Besides the home lending offering, ANZ has released additional features for the ANZ Plus transact and save products, such as added protection from scams.

“This is the first in a series of capabilities being rolled out over coming months to enhance scam protection for customers. We’re continuously working to build and deliver innovative ways to make banking safer, by putting practical tools into our customers’ hands,” Ms Carnegie said.

During the major bank’s full-year results for 2023, chief executive Shayne Elliott stated ANZ had further plans to invest in its digital home loan refinance product.

Mr Elliott said at the time that ANZ released its new ANZ Plus digital home loan refinance product to eligible customers earlier this month (November), with the aim of making “home lending faster and simpler for Australian home owners”.

The major bank launched the digital banking platform 18 months ago and has garnered over half a million customers with over $10 billion in deposits since, Mr Elliott stated.

“The cost of operating ANZ Plus is materially lower than our existing retail business and we are seeing high levels of customer engagement and satisfaction,” Mr Elliott said.

“Importantly, the advanced security measures on ANZ Plus resulted in one of the lowest incidences of digital fraud in the industry.

“Looking ahead, we will continue to manage costs to create capacity for further investment in ANZ Plus, growing our Commercial business and enhancing our sustainability, currency and payments platforms.”

[RELATED: ANZ to further invest in digital mortgage product]

Adrian Suljanovic is a journalist at Broker Daily with more than two years experience reporting on all facets of the third party distribution channel.

Adrian has written for a range of business and finance titles including IFA, Investor Daily and Lawyer’s Weekly before joining the mortgages team in 2022.

He graduated from the University of Wollongong in 2021 gaining a Bachelor of Communication & Media with a major in Digital & Social Media.

E-mail Adrian at: This email address is being protected from spambots. You need JavaScript enabled to view it.