ANZ has announced an increase in interest rates for variable home loans and certain savings accounts following the Reserve Bank of Australia's recent adjustment to the official cash rate. The bank will raise variable interest rates on Australian home loans by 0.25% per annum, effective from May 12, 2023.
In addition, ANZ will enhance the rate for savings customers with balances under $250,000 in the ANZ Plus Save account by 0.25% per annum, bringing it to 4.50% per annum as of May 11, 2023. ANZ continues to evaluate other deposit rates.
Maile Carnegie, ANZ Group Executive Australia Retail, stated: “We have a number of tools available to help our customers understand these changes and manage their home loans, but if you are facing difficulty, contact our experienced teams as early as you can to discuss additional personalised support.”
She further noted: “Competition for customers’ deposits continues to be strong – and we are again increasing the rate on our ANZ Plus Save account, to take it to 4.50%pa.”
The increase in variable home loan interest rates is expected to result in a $68 rise in monthly repayments for owner-occupiers with a $450,000 loan paying principal and interest.
To assist customers in understanding these changes, ANZ offers several resources including an updated Manage your loan page and a Home loan repayment calculator. Customers can also participate in a free Home loan check-in or explore options like fixing their home loan partially or wholly.
Customers seeking assistance are encouraged to visit any ANZ branch or contact their local ANZ Mobile Lender through anz.com or by calling 13 13 14.
ANZ considers various factors when making such decisions including customer impact, official cash rate changes, business performance, and competitive pressures.