ANZ lowers variable home loan rates

ANZ Chief Executive Officer, Australia, Brian Hartzer said: “Tight competition for customer deposits and volatile wholesale funding markets are keeping our funding costs high, but ANZ understands the current economic environment is placing a strain on many households. We are pleased to be able to pass on a 0.10%pa reduction to our Standard Variable Rate Home Loan customers.” 

Effective Friday, 17 April 2009, the interest rate on ANZ’s Standard Variable Rate Home Loan will decrease by 0.10%pa to 5.81%pa (5.91%pa Comparison Rate) for new and existing customers. There will also be a 0.10%pa reduction on the ANZ Simplicity PLUS Home Loan interest rate which will fall to 5.11%pa and the ANZ Equity Manager line of credit which will fall to 5.96%pa. 

Deposit rates and interest rates for credit cards, personal loans and business lending are under review. 

“This week we extended the range of assistance measures for customers in Australia who, due to deteriorating economic conditions, are finding it harder to service their housing or personal debt. As market conditions allow, we will continue to pass on further reductions in funding costs to our customers,” Mr Hartzer said. 

ANZ will support customers with consumer credit products such as mortgages, credit cards, personal loans and car loans facing temporary periods of financial difficulty by:

• Providing easy access to our dedicated hardship team through our toll free hotline on 1800 252 845 and for Esanda customers on 1800 838 100

   

• Getting our customers on their new arrangements quickly by:

  o in most cases not requiring them to provide evidence of their hardship

  o enabling arrangements to be made over the telephone

   

• Minimising the impact of temporary income loss on individuals and families by providing customers with tailored repayment arrangements based on what they can afford to repay

  o Arrangements will vary depending on the individual’s financial situation and type of credit product(s) but may include reduced repayments, interest adjustments, fee waivers or repayment extension periods

  o For eligible mortgage customers deferred or reduced repayments for three, six and up to 12 months to be assessed case by case (with interest capitalised into the loan) and

  o collection activity will be suspended while these arrangements are in place

   

• Providing information to assist customers better manage their finances including where requested, details about the independent support available from financial counsellors.