ANZ is the the latest of Australia’s big four banks to enter the world of digital home loans – but not every customer is eligible for the product.

Launched earlier this month, the digital home loans are currently only available through the ANZ Plus app on Android devices – although iOS accessibility is “coming soon”.

ANZ’s digital home loans are only available to refinancers in NSW and Victoria metro areas with a minimum of 20 per cent deposit.

Other eligibility criteria include provisions that applicants must be owner-occupiers who are refinancing between $10,000 and $1.6 million and don’t want to borrow any more than their current loan.

That means new home buyers, along with investment and non-residential property owners, are not able to apply for the ANZ Plus home loan.

Customers who successfully apply for the home loan won’t be able to fix their interest rate, have an offset account (although this feature is also coming soon) or manage the home loan at a physical ANZ branch.

RateCity research director Sally Tindall said ANZ has “finally made it to the digital party”, as fellow big banks such as CBA, Westpac and NAB (through its subsidiary Ubank) also offer digital home loan products.

In the digital home loan market, speed is of the essence; Westpac and NAB boast unconditional approval times in as little as 10 and 15 minutes, respectively, as do smaller banks such as Nano and Tiimely (formerly Tic:Toc).

Traditionally, borrowers could expect to wait several days or weeks to for unconditional approval.

The super-fast online approvals are enabled through the use of ‘open banking’ technology, which allows third-parties such as lenders to access a borrower’s financial data.

Open banking is likely used in conjunction with other algorithms and AI technology to speed up the home loan approval process.

Most lenders typically offer these fast digital home loans to applicants that fit strict criteria, such as refinancers, people living in metro ares or regional centres, with limits on loan amounts – although conditions vary between lenders.

ANZ is entered the fray with an interest rate offer of 5.89 per cent, which rose to 6.14 per cent on Friday; out of the big four banks, CBA currently has the lowest digital home loan interest rate on offer at 5.74 per cent.