“Our mortgage exit fee was already among the lowest in the market and by abolishing it we are telling our customers we are prepared to win and retain their business through competitive pricing, convenient products and great customer service.
“We know our combination of competitive pricing, convenient products and great customer service is attractive to customers of other banks because we have been consistently growing market share in mortgages over the recent months.
“We also understand that we need to keep working hard to identify savings in all areas of our mortgage business to help minimise the impact that current funding pressures are having on customers. This includes continuing improvements in our operational processes and all our distribution channels,” said Mr Chronican.
ANZ also announced changes to deposit rates with ANZ’s Premium Cash Management Account up 0.25%pa and ANZ Progress Saver Account having increased 0.75%pa in recent weeks. Interest rates for credit cards will increase by 0.25%pa. Interest rates for business lending will increase by 0.39%pa.
“Higher interest rates are stretching many household budgets and we have other options on top of this package to help our customers manage. These options are available to all existing ANZ home loan customers and there is no need to actually establish that hardship exists,” said Mr Chronican.
Customers wishing to take advantage of ANZ’s fixed mortgage rate switching offer or if any ANZ customers are struggling to meet re-payments should call ANZ on 1800 035 500 or visit their nearest ANZ branch.
All changes are effective Monday 15 November 2010, except credit cards which will be effective the following day.