ANZ changes deposit and lending rates - provides options to assist customers manage repayments
ANZ today announced it would increase variable interest rates for a range of deposit and lending products by 0.15%pa as a result of sustained higher funding costs associated with the continued turmoil in global credit markets.
“We understand higher interest rates are stretching many household budgets and we already have in place a range of options to help customers. Existing ANZ home loan customers can review their options with our staff with no need to establish that hardship exists,” ANZ Group Managing Director Personal, Brian Hartzer said.
Options available to help customers manage repayments include extending loan terms to maintain existing repayment levels, short term repayment ‘holidays’, and switching to a fixed rate loan to provide greater certainty on future repayments or to an ANZ Simplicity PLUS home loan with fewer features at a lower interest rate.
“The increase in rates reflects a further deterioration in global markets which has seen the cost of term funding continue to rise for banks around the world. Term debt markets are extremely tight and probably as difficult as we have seen them in the past year,” Mr Hartzer said.
Key Deposit and Lending Rate Changes
Deposit products will rise by up to 0.15%pa. The increases include ANZ Progress Saver up 0.15%pa from 14 July. Selected Term Deposit rates will also rise by 0.15%pa.
Interest rates for ANZ’s variable rate mortgage products will increase by 0.15%pa for new and existing customers. New rates effective 14 July include: Standard Variable Rate Home Loan – 9.62%pa (9.72%pa Comparison Rate);
Simplicity PLUS – 8.92%pa and Equity Manager – 9.62%pa. Interest rates for business lending and credit cards remain under review.