Australia and New Zealand Banking Group (ANZ.AX) is owns the banking arm of insurer Suncorp Group (SUN.AX) for A$4.9 billion ($3.33 billion), as the smallest of Australia’s major lenders seeks to revive growth at home after falling behind rivals.
The deal announced on Monday will boost ANZ’s retail presence in a fast-growing domestic region and increase its assets in mortgages, the most lucrative business for Australian banks, by nearly a fifth, helping it to overtake National Australia Bank Ltd (NAB.AX) for third spot in the business.
ANZ had previously expanded rapidly in Asia, which it has been unwinding over the past few years. It lags Commonwealth Bank of Australia (CBA.AX), Westpac Banking Corp (WBC.AX) and NAB by market value and some other metrics.

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“It’s not offshore, it’s not away from their core capabilities, in terms of acquisitions this is not a bad one,” said Hugh Dive, chief investment officer at Atlas Funds Management, which owns shares of ANZ and Suncorp.
ANZ aims to raise A$3.5 billion by issuing new stock to pay for the deal, in Australia’s biggest equity capital raising of this year.
The buyout, which is subject to regulatory approval, will boost ANZ’s mortgage book by A$47 billion to A$307 billion. It shows how important mortgages are to Australia’s banks even as rising interest rates and cost-of-living pressures throttle house prices, with many economists forecasting a recession within a year.
ANZ missed most benefits of a COVID-19 driven real estate boom that saw home values leap by a quarter in the year to early 2024 due to delays in processing applications, analysts have said.
The lender said separately it had dropped talks to buy accounting software maker MYOB from private equity firm KKR & Co (KKR.N). ANZ had disclosed the talks a week ago.
“(ANZ’s) acquisition appetite is troubling, given growing recessionary risks and ANZ’s poor operational performance to date,” Jefferies analyst Brian Johnson said in a client note.
“The ANZ core franchise is already struggling, and adding more complexity during a period when MQG is driving up deposit costs looks ill-disciplined,” he added, referring to mortgage challenger Macquarie Group Ltd (MQG.AX).
Shares of ANZ were untraded as the bank readies its new stock issue. The new shares were being sold at A$18.90 each, a 12.7% discount to ANZ’s closing price of $A21.64 on Friday, according to its filings.
Shares of Suncorp, which has been trying to offload an asset deemed non-core, rose 5.7%, against a broader market gain of 0.6%. The company will return most of the sale proceeds to shareholders.
ANTITRUST REVIEW
The deal would represent a geographic expansion by Melbourne-headquartered ANZ into Queensland state, where Suncorp is based and has most of its business. ANZ sees itself as under-represented in Queensland and would keep the target’s headcount and branding in the state for at least a few years, ANZ said.
ANZ would also commit to funding a host of energy and infrastructure projects in Queensland, including some tied to the 2032 Olympic Games in its capital Brisbane.
The deal would create a “simpler, stronger platform for growth” that “does advance our strategic ambitions”, ANZ CEO Shayne Elliott said.
The purchase price amounted to 13.8 times past earnings for Suncorp’s banking unit, ANZ said, below the price-earnings ratio of Suncorp’s overall business but in the range of Australia’s major banks.
Suncorp Chairman Christine McLoughlin said the agreed price “fairly values the bank” and reflects the “progress made on delivering our strategic objectives”.
The deal presents the biggest task so far for new antitrust regulator Gina Cass-Gottlieb who started as chair of the Australian Competition and Consumer Commission (ACCC) in March. In a statement, the ACCC said its review of the deal would include the role of regional banks and competition with the majors.
“We will consider Suncorp’s role as an effective competitor and challenger to the major banks in Queensland and in other states,” an ACCC spokesperson said.
ANZ’s Elliott said on a call with journalists that the bank hoped its status as the smallest of the major banks would help secure approval. “We look forward to making the case but we’ll work through that over the coming months,” he said.
($1 = 1.4734 Australian dollars)

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Reporting by Byron Kaye in Sydney and Sameer Manekar in Bengaluru, with additional reporting by Scott Murdoch; Editing by Daniel Wallis, Richard Chang, Kenneth Maxwell and Muralikumar Anantharaman
If Suncorp Bank was to move under ANZ’s authorised deposit-taking institution (ADI) licence, it would mean that any account holders with separate ANZ and Suncorp accounts totaling more than $250,000 would no longer be fully covered under the Financial Claims Scheme though.
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Complete Guide to NSFAS Online Loan Application for South African Students (2025)
If you are a South African student looking to pursue higher education but are facing financial difficulties, the National Student Financial Aid Scheme (NSFAS) is one of the most accessible funding options available. NSFAS provides financial aid in the form of bursaries and loans to qualifying students at public universities and TVET colleges in South Africa.
This guide will walk you through everything you need to know about the NSFAS loan application process, from eligibility requirements to application steps and frequently asked questions.
📌 What is NSFAS?
The National Student Financial Aid Scheme (NSFAS) is a government-funded financial aid scheme aimed at helping students from low- and middle-income households to access tertiary education without the burden of upfront fees.
NSFAS offers both bursaries and income-contingent loans:
- Bursaries: For eligible students who meet academic and household income criteria (especially for TVET and university students).
- Loans: For students who do not meet all bursary criteria or who are pursuing postgraduate qualifications not funded under bursary schemes.
✅ Who Qualifies for an NSFAS Loan?
To qualify for an NSFAS loan (especially for postgraduate students or programs not funded under the bursary system), you must:
- Be a South African citizen.
- Be financially needy, with a household income of less than R350,000 per year.
- Have a valid South African ID.
- Be enrolled or accepted to study at a public university or TVET college.
- Not be funded through another bursary program that covers all expenses.
- Maintain satisfactory academic progress (returning students).
📚 Courses Funded by NSFAS
NSFAS primarily funds undergraduate qualifications, but certain postgraduate programs (e.g., PGCE, postgraduate diplomas in education, and professional courses like LLB) may be considered under the NSFAS loan scheme, not bursaries.
If you’re studying:
- Undergraduate degree or diploma: You are likely eligible for a full NSFAS bursary.
- Postgraduate study: You may qualify for a loan, depending on the course and funding availability.
📄 Required Documents for NSFAS Application
When applying, make sure you have the following documents scanned and ready:
- Certified copy of your South African ID or Smart Card.
- Parent(s) or guardian(s) ID documents.
- Proof of income (latest payslips, UIF, or affidavit if unemployed).
- Consent Form signed by your parent(s)/guardian(s) to allow NSFAS to verify income.
- Proof of registration or acceptance at a public institution.
- Academic transcripts (for continuing or postgraduate students).
🖥️ How to Apply for an NSFAS Loan Online
Step-by-Step NSFAS Online Application Process (2025)
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Visit the NSFAS Website
Go to: https://www.nsfas.org.za
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Create an Account
- Click on “MyNSFAS” and register your profile.
- You’ll need a valid email address and South African cellphone number.
- Choose a strong password and verify your account via email or SMS.
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Login and Start the Application
- After registration, log in to your MyNSFAS account.
- Click on “Apply” to begin a new application.
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Fill in Your Personal Details
- Input your ID number, name, surname, and other details exactly as they appear on your ID.
- Provide household income information and living arrangements.
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Upload Required Documents
- Upload all supporting documents in PDF or JPEG format.
- Each document must be clear and under the size limit specified.
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Submit Your Application
- Review your application for accuracy.
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Track Your Application
- Log in regularly to check your application status.
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🗓️ Important NSFAS Dates (2025)
- Application Opening Date: September 1, 2025
- Application Deadline: January 31, 2026
- Appeals Period: February 2026 (if rejected)
- Disbursement: After registration and approval
Note: Dates are subject to change; always confirm on the official NSFAS website.
💸 What Does the NSFAS Loan Cover?
NSFAS funding typically includes:
- Tuition fees
- Registration fees
- Accommodation (if living away from home)
- Meals and transport
- Learning materials (e.g., textbooks)
For loans, repayment is only required once you start working and earn above a threshold (around R30,000 annually, but subject to change).
🔄 NSFAS Loan Repayment
Repayments are:
- Income-contingent – you only repay when you can afford to.
- Administered by DHET (Department of Higher Education and Training).
- Interest-bearing, but interest rates are low and favorable.
You can also apply for a partial loan conversion to a bursary if you perform well academically.
🔁 How to Appeal a Rejected NSFAS Application
If your application is rejected, you may submit an appeal via your MyNSFAS portal:
- Log into your MyNSFAS account.
- Click on “Track Funding Progress”.
- If rejected, click on “Submit Appeal”.
- Upload any missing or corrected documents.
- Provide a clear explanation or motivation.
📱 NSFAS Contact Information
- Website: https://www.nsfas.org.za
- Email: info@nsfas.org.za
- Toll-Free Number: 08000 67327 (Monday–Friday, 8 AM–5 PM)
- Twitter: @myNSFAS
- Facebook: NSFAS
📝 Final Tips Before Applying
- Apply early to avoid system overload near the deadline.
- Use your own email and cellphone number (do not use someone else’s).
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- Keep a copy of your submission confirmation for reference.
By following this guide, you can confidently apply for NSFAS funding and move one step closer to achieving your academic and career dreams—without the burden of immediate financial pressure.