| Overview |
|---|
flagFounded: ANZ was founded in 1951 |
businessOwned by: ANZ Bank |
monetization_onFinancial strength: Standard & Poor’s AA- Moody’s Aa2 |
securityLenders they support: ANZ |
pie_chart_outlinedMax LVR: 95% for existing ANZ borrowers | 90% for new customers |
account_balanceLMI Capitalisation: 97% LVR |
beach_accessLMI Premiums: Compare using our LMI calculator | See below for ANZ’s LMI Premium table |
ANZ LMI is the in house mortgage insurer for ANZ bank and the underwriter for all of their home loans that are mortgage insured. They work exclusively with ANZ so you won’t be able to access them unless you apply for a mortgage through ANZ.
How does ANZ LMI compare?
They’re great at
- Offering cheaper premiums for some loan sizes
- Approving existing ANZ customers with a good credit history
- Approving applications with basic documents – often just one payslip is needed!
- Just relying on one year’s tax returns to approve self-employed applications
- Considering mortgage insured loans over $1 million
But they’ve got some drawbacks…
- Policy is conservative
- Require genuine savings for loans over 85% LVR
- They may not accept add-backs if you’re self-employed
- New borrowers cannot borrow over 90% LVR
- Investors cannot borrow over 90% LVR
- LMI can be expensive for some loan sizes
Talk to one of our expert mortgage brokers to find out if ANZ LMI is right for you.
Call us on 1300 889 743 or complete our free assessment form online.
ANZ also offers a range of no LMI home loans for medical, accounting and legal professionals.
The ‘existing borrower’ favouritism
ANZ won’t allow you to borrow over 90% of the property value unless you’re an existing borrower of ANZ.
By proving yourself as a good borrower, ANZ LMI is more comfortable in approving a 95% home loan.
At least one borrower must be an existing customer but what exactly does an existing lending customer mean?
- At least one borrower must qualify
- Must have been an existing borrower for 6 months
- Your repayments must be in full and on time
- A credit card, home loan, investment loan, small business loan, overdraft or personal loan is acceptable
What isn’t an existing lending customer?
- Loans in the name of your company
- Closed accounts such as a credit card you closed a month ago
- Other accounts like a savings or cheque account
Don’t worry if ANZ can’t help you!
There are other lenders that may allow you to borrow over 90% of the property value.
ANZ LMI Premium table
| LVR | $0 – $300,000 | $300,001 – $500,000 | $500,001 – $750,000 | $750,001 – $1,000,000 |
|---|---|---|---|---|
| 81% | 0.42% | 0.60% | 0.79% | 0.79% |
| 82% | 0.42% | 0.60% | 0.79% | 0.79% |
| 83% | 0.60% | 0.76% | 1.05% | 1.11% |
| 84% | 0.62% | 0.88% | 1.05% | 1.18% |
| 85% | 0.72% | 0.98% | 1.25% | 1.35% |
| 86% | 0.92% | 1.14% | 1.49% | 1.52% |
| 87% | 0.98% | 1.24% | 1.63% | 1.66% |
| 88% | 1.12% | 1.32% | 1.78% | 1.79% |
| 89% | 1.28% | 1.57% | 2.06% | 2.12% |
| 90% | 1.44% | 1.90% | 2.33% | 2.35% |
| 91% | 1.97% | 2.61% | 3.61% | 3.73% |
| 92% | 1.97% | 2.61% | 3.75% | 3.89% |
| 93% | 2.24% | 2.97% | 3.95% | 4.15% |
| 94% | 2.37% | 3.01% | 4.10% | 4.25% |
| 95% | 2.56% | 3.28% | 4.25% | 4.39% |
81% LVR actually means 80.01% to 81% LVR
Should you apply with ANZ?
Not sure which lender is right for you? Home Loan Experts can help!
Talk to one of our specialist mortgage brokers by calling us on 1300 889 743 or by completing our free assessment form.
