ANZ today announced it will decrease interest rates across a range of variable lending products for home owners and small businesses, while increasing the rate on its 4-month Term Deposit by 1.00%pa.
ANZ Group Executive Australia Fred Ohlsson said: “Today’s decision strikes a balance between ensuring our home loan customers continue to get a competitive deal and continuing to support our small business and deposit customers.
“The background is that wholesale funding costs have again been rising in recent months. While we’ve absorbed this for some time and taken steps to reduce costs in our own business, higher funding costs mean we are only in a position to pass on a portion of the reduction in the cash rate to our customers.
“Our rates remain low by historical standards and our standard variable residential rates remain competitive having maintained the lowest standard variable rate for almost three years. For customers wanting to lock-in low rates, we’ve introduced a highly competitive 2- year Fixed Rate home loan of 3.75%pa.
“However, we also know that falling interest rates impact many customers that rely on their savings. This is why we’ve also taken the decision to lift our popular four-month Term Deposit rate by a full 1%pa,” Mr Ohlsson said.
ANZ has a number of options available to help customers concerned about interest rates and their repayments. Customers who would like assistance should visit any ANZ branch, log on to anz.com or contact ANZ on 13 13 14.