ANZ has announced adjustments to interest rates for variable home loans and savings accounts, following the Reserve Bank of Australia's decision to raise the official cash rate on November 1. The bank will increase variable interest rates on Australian home loans by 0.25% per annum, effective from November 11.
Additionally, ANZ will raise the interest rate for savings customers with balances under $250,000 in the ANZ Plus Save account by 0.25% per annum, reaching a total of 3.50% per annum as of November 10. Customers interested in opening an ANZ Plus account can do so quickly through their platform.
For those seeking fixed returns, ANZ is introducing a new term deposit rate of 4.00% per annum for both 12-month and 18-month terms, starting November 4. The bank is also reviewing other savings rates.
Maile Carnegie, ANZ Group Executive Australia Retail, stated: “We understand the cost of living and rate changes have impacted our customers over a period of some months now. We have a number of ways we can help our customers to understand these changes, including practical tools like our home loan repayment calculator and free home loan check-in."
Carnegie added that customers facing difficulties should contact their teams early to discuss support options: “If customers are facing difficulties, we encourage them to reach out to our experienced teams as early as they can to discuss tailored options to support them.”
The adjustment will mean an increase in monthly repayments by $65 for owner-occupiers with a $450,000 variable home loan paying principal and interest. Customers can check their updated interest rates and repayments via the ANZ app or internet banking from the effective date.
ANZ provides resources such as the "Manage your loan" page and Home Loan Repayment Calculator to assist customers in understanding these changes. They also offer a free Home Loan Check-In service for more flexibility or certainty regarding home loans.
Customers needing assistance are encouraged to visit an ANZ branch, contact their local mobile lender, log on to anz.com or call 13 13 14.
ANZ's decisions consider various factors including customer impact, official cash rate changes, business performance, and competitive pressures.