ANZ Plus, the big four bank's push into digital banking, has expanded the eligibility criteria for its app-based home loan product.

Borrowers can now refinance home loans on properties in regional Victoria, New South Wales, South Australia, Queensland, and Western Australia using the ANZ Plus mortgage product.

Previously, only borrowers refinancing loans in capital cities or major regional centres were eligible for the low-rate product.

Borrowers in Tasmania and the Northern Territory still can't turn to the mortgage.

The ANZ Plus home loan currently offers a variable rate of 6.14% p.a. (6.15% p.a. comparison rate*).

This rate is comparable to CommBank's digital offering Digi Home Loan, which offers a rate of 6.15% p.a. (6.28% p.a. comparison rate*), and around 15 basis points lower than the average variable rate for new home loans signed in June (6.3% p.a.).

ANZ Plus: Eligibility limitations

ANZ's digital mortgage product was launched late last year and is only available within the ANZ Plus mobile app, with home loan approval typically given within minutes of a borrower applying.

However, only select mortgage-holders qualify for the ANZ Plus home loan just yet.

Currently, it's only available to owner-occupiers refinancing an existing loan making principal and interest repayments.

Eligibility is also limited to those with a loan-to-value ratio (LVR) of 80% or less, though this may vary depending on the property type.

While several barriers remain before a larger share of the mortgage market can access the ANZ Plus home loan, several notable features have been introduced to the product.

New features added to ANZ Plus offering

"As we continue to build on our ANZ Plus home lending offering, we're able to provide customers with more personalisation and features to help them better understand their home loans and improve their financial wellbeing," ANZ Australian retail executive Maile Carnegie said.

Recently introduced features include the option to convert an existing ANZ Plus deposit account into an offset account (for a $10 monthly fee), an equity release option, and an 'insights' tab.

The insights tab provides borrowers with an estimate of how much time could be shaved off their home loan if they were to make a lump sum repayment, bolster their auto-repayments, or turn to an offset account.

This comes after ANZ previously expanded the product's eligibility criteria to allow loans of up to $2 million, as well as applications from Foreign Tax residents and permanent residents.

Image courtesy of ANZ 

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