Simpology Update
ANZ has made the decision to disable ANZ Home Loan application submissions from within Loanapp v1, effective from Monday 23 September 2024.
What this means
From Monday 23 September 2024, brokers will no longer be able to create or submit ANZ Home Loan applications via Loanapp v1. All applications previously created and submitted via Loanapp v1 will still be accessible for viewing through the system.
Why is this change happening?
ANZ values the crucial role brokers play in helping customers buy and own a home. This change aims to enhance the broker experience by streamlining their systems.
How is ANZ bank helping brokers?
All brokers will be notified of this upcoming change via Broker News in the coming weeks. For those brokers that are currently using Loanapp v1, ANZ Residential Broker Managers will be sending them an email advising them of this change. Further, a banner will also be featured in Loanapp v1 as a reminder (from late August).
ANZ anticipates that this change will be low impact to brokers.
Impact on inflight applications
There will be no impact on inflight ANZ Home Loan applications for brokers and customers, as inflight applications created and submitted via Loanapp v1 will continue to be accessible via the system.
Next steps
ANZ intends to work towards decommissioning Loanapp v1 for Home Loan application submissions, and they will update you further with additional communications in the coming months.
ANZ remains committed to the broader relationship with Simpology with ANZ Qualify still supporting processes for pricing, LMI, UMI and more.
ANZ PLUS UPDATE
With the ANZ Plus proposition consistently evolving with expanding eligibility and new features, they are excited to share some of the newest features now available for ANZ Plus Home Loans:
Customers are now able to link an eligible ANZ Plus transaction account to an ANZ Plus Home Loan as an Offset account:
- Customers can choose their single or joint ANZ Plus transaction account to link to an eligible single or joint home loan (provided all owners of the account are borrowers on the loan)
- A non-refundable monthly fee of $10 applies once an offset account has been linked
Customers now have the ability to ask for extra funds when they are refinancing to ANZ Plus with the Cash Out option:
- Cash Out for the purposes of property purchases, structural renovations or debt consolidation are not currently supported
- The additional funds requested must be less than the customer’s current loan amount.
- Currently, Cash out is limited to a request for extra funds at settlement only and not available once the loan is established
When customers refinance an eligible non-ANZ Home Loan to ANZ Plus there is now a $2,000 Cash Back Offer. The offer is for:
- $2,000 Cash back when a customer refinances their eligible OFI Home Loan to ANZ Plus
- Submitted from Thursday 1 August 2024 and before Monday 30 September 2024 (Offer may be amended or withdrawn at any time)
Eligible loans are:
- Loans with a loan balance of $250,000 or greater
- Loans externally refinanced (Existing ANZ loans refinancing to ANZ Plus are not eligible)
- The loan must be approved and drawn down within 120 days of submitting an application
- Single or joint borrowers can’t have received a home loan offer or other incentive within 12 months from ANZ (including ANZ Plus)
For full eligibility and T&Cs for cash back please visit the ANZ Plus page.
ANZ Plus Home is now available in more states and for more properties.
Customers within most areas of Australian Capital Territory, Queensland, Western Australia, and South Australia can now apply for ANZ Plus Home Loan. (Proposition was already available in Victoria and New South Wales).
With the expansion into more states and postcodes, ANZ Plus now also have the ability to complete valuations up to $5 Million, while the max loan amount remains at $2 Million.
For more information on ANZ Plus please visit ANZ Plus: anz.com.au/plus and for more information on the eligibility for ANZ Plus Home Loans: Eligibility (anz.com.au)
For any other questions please reach out to your BDM.
