Banking in Australia and New Zealand: ANZ changes variable mortgage interest rates and offers term deposit at 2.25% per annum

Changes to the ANZ Floating Interest Rate Index will come into effect on Friday 17 June 2022 and will apply to all ANZ Floating Interest Home Loan Rates. Customers will be able to see their new interest rates on the ANZ app or online banking from June 17.

ANZ is reviewing its current savings rates, but will offer a new rate for its 11 months notice term deposit of 2.25% per annum from Monday 13 June 2022 to help customers meet their savings goals.

In making its decision today, ANZ considered a variety of factors, including the change in the official exchange rate, as well as the impact on customers, business performance and competition.

ANZ Group Executive Australia Retail, Maile Carnegie, said: “We know rate changes affect customers differently and some may seek help when rearranging their household budget, particularly if they don’t have not experienced many rate increases before.

“ANZ is here to help and for customers looking for more information on how to manage their finances, we have a number of ways to support them, including a free home loan registration which can help them reorganize their loan so that it continues to meet their needs.

“Many of our customers remain financially sound to handle rate hikes with around 70% ahead of repayments. Many of them have built up reserves after not changing their repayments when rates have declined over several years,” Ms. Carnegie said.

The change of 0.50% per year will increase monthly repayments by $115 on an average home loan of $450,000 for a homeowner paying principal and interest.

ANZ offers a number of options to help customers concerned about interest rates and their repayments, including a free home loan registration that they can apply for online. They can also visit the Manage your loan page to help them get the most out of their home loan, or use the home loan repayment calculator to understand how their repayments will change.

Customers seeking assistance should visit any ANZ branch, contact their local ANZ mobile lender, log on to anz.com or call 13 13 14.

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ANZ – Australian and New Zealand Banking Group Ltd. published this content on June 08, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on Jun 08, 2022 06:11:07 UTC.

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