ANZ has announced adjustments to its deposit and lending rates following the Reserve Bank of Australia's recent increase in the official cash rate. The bank will raise variable interest rates on Australian home loans by 0.25% per annum, effective from February 17, 2023.
In addition, ANZ will increase the savings rate on its ANZ Plus Save account for balances under $250,000 by 0.25% per annum to reach 4.00% per annum. This change will take effect on February 14, 2023. The bank highlighted that opening an ANZ Plus account is a quick process.
Recently, ANZ also raised the rate for a new 12-month Advance Notice term deposit to 4.10% per annum and continues to evaluate other deposit rates.
Maile Carnegie, ANZ Group Executive Australia Retail, commented: “At a time of increased cost of living and rate changes, some customers will be feeling greater financial pressure. We urge anyone facing difficulties to speak with our expert teams to discuss the options available to support them and their specific circumstances as early as possible."
Carnegie further noted: “We know many customers are looking closely at savings rates. Today we’ve announced we will again increase the rate on our ANZ Plus Save account, to take it to 4.00%pa. For customers that want greater certainty with their savings rate, last week we increased our 12-month Advance Notice term deposit to 4.10%pa.”
The adjustment in variable home loan interest rates means monthly repayments will rise by $66 for an owner-occupier paying principal and interest on a $450,000 loan.
ANZ provides several resources for customers affected by these changes:
- An updated "Manage your loan" page.
- A Home loan repayment calculator.
- A free Home loan check-in service.
- The ANZ Budget Planner tool.
Customers seeking assistance can visit any ANZ branch or contact their local mobile lender through anz.com or by calling 13 13 14.
The bank considers multiple factors when making such decisions, including customer impact, official cash rate changes, business performance, and competitive pressures.