ANZ Plus has been an app-based product for around a year, currently offering only a savings account.
At 4.90% p.a. (effective 16 November) with no hoops to jump through it's one of the most competitive rates of its kind in the market.
The catch is, you can only access the rate via the ANZ Plus app; the product has already amassed around $10 billion in deposits and half a million customers.
Now, its home loan product has reportedly been launched to a select few customers.
In its full-year investor presentation, ANZ detailed it will significantly cut down approval times to as little as 45 minutes via automation.
The ANZ Plus home loan features automated property valuation, and automated statement of financial position. All document uploads are entirely digital and app-based.
The ANZ Plus app is apparently 20% lower in cost to serve - and 40% lower in cost to acquire - customers than mainline ANZ products.
In a presentation to analysts, ANZ CEO Shayne Elliott (pictured) said over the next 12 months offset accounts and joint accounts will be added.
The early-phase product is reportedly refinance-only at a maximum 80% loan-to-value ratio i.e. the borrower must have at least 20% equity in the home. They must also be receiving PAYG employment income.
As yet there is no explicit mention of the Plus mortgage interest rate or comparison rate.
Key competitors will include CommBank's Unloan and NAB's UBank. Current interest rates for these products are:
- Unloan: Owner-occupier <80% LVR refinance-only - 5.74% p.a. (5.65% p.a. comparison rate*).
- UBank: Neat variable <80% LVR - 5.89% p.a. (5.91% p.a. comparison rate*).
Both sub-brands are yet to announce interest rate increases off the back of the RBA's cash rate rise to 4.35%.
Image via ANZ Media Centre