Lender review

ANZ

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LoanCaddie Opinion

ANZ is one of the four major Australian banks. As with the other major four banks, Australians have a love/hate relationship with ANZ. There is a disdain for the major banks but Australia cannot live without them. Australian financial regulation protects the four major banks from takeover making them highly profitable and uncompetitive (akin to a utility company). Although they are strongly incentivsed by profit, they also operate on a social license which means they cannot ignore the demands of the government. Hence, although we reluctantly put up with their poor service levels, if there is a financial institution that is going to help Australian's out of a tough financial position, it will be one of the four major banks.

Facts and lender background
History

ANZ was established in 1951, when the Bank of Australasia merged with the Union Bank of Australia Limited (est 1835).

Size

ANZ is one of the big four Australian banks, with the Commonwealth Bank, National Australia Bank (NAB) and Westpac

Credit Rating

ANZ is rated AA- by S&P. The Australian Government's guarantee on deposits under the Financial Claims Scheme applies to deposits held with ANZ.

Ownership

ANZ is publicly listed on the ASX

Funding

40% of ANZ's funding is from the wholesale capital market.

Customer service
Product Review Rating
1.4

average is 2.1 / 5

Branch network

You are able to transact at more than 3,200 Australia Post outlets that display the Bank@Post sign. This provides you with real-time deposits and the ability to draw cash.

Internet banking

Internet banking is available.

ATM/EFTPOS

Customers can withdraw cash free of charge from any of the major banks ATMs.