ANZ has announced an increase in interest rates for variable home loans and certain savings accounts following the Reserve Bank of Australia's recent decision to raise the official cash rate. The changes will take effect on March 17, 2023.
The variable interest rates on ANZ's Australian home loans will rise by 0.25% per annum. Similarly, the rate for savings customers with balances under $250,000 in the ANZ Plus Save account will also increase by 0.25% per annum, reaching a total of 4.25% per annum.
For those seeking fixed returns, ANZ is introducing a new 12-month Advance Notice term deposit rate of 4.40% per annum starting March 14, 2023. The bank continues to evaluate other deposit rates and has recently raised savings rates across various accounts such as ANZ Plus Save, ANZ Progress Saver, ANZ Online Saver, and ANZ Pensioner Advantage.
Maile Carnegie, ANZ Group Executive Australia Retail, acknowledged the potential financial strain on customers due to the rate hike and ongoing cost-of-living pressures: “We understand this latest rate increase... might cause some home loan customers to feel greater financial pressure and uncertainty." She encouraged affected customers to reach out for support tailored to their circumstances.
Carnegie also noted that many Australians are closely monitoring savings rates: “We will again increase the rate on our ANZ Plus Save account... and introduce a new 12-month Advance Notice term deposit rate of 4.40%pa.”
The adjustment in variable home loan interest rates translates into an additional $66 monthly repayment for a $450,000 loan with principal and interest payments.
To assist customers in navigating these changes, ANZ offers several resources including an updated Manage Your Loan page, a Home Loan Repayment Calculator, free Home Loan Check-ins for added flexibility or certainty in loans, and an ANZ Budget Planner.
Customers seeking assistance can visit any branch or contact their local mobile lender through anz.com or by calling their service number.
ANZ considers multiple factors when making such decisions including customer impact, official cash rate changes, business performance metrics, and competitive market pressures.