ANZ has announced adjustments to its variable interest rates for home loan customers and the ANZ Plus Save account. This decision follows the Reserve Bank of Australia's move to raise the official cash rate.
The bank will increase variable interest rates on Australian home loans by 0.25% per annum starting Friday, October 14, 2022. Maile Carnegie, ANZ Group Executive Australia Retail, stated: “We know our customers have been impacted differently by the cost of living and rate changes in recent months. Our experienced teams, as well as tools like our home loan repayment calculator and free home loan check-in, are available to customers to help them better understand these changes."
Carnegie also urged customers facing difficulties to contact ANZ promptly for personalized support options.
In an effort to assist with savings goals, ANZ will raise the rate on the ANZ Plus Save account by 0.25% per annum for balances under $250,000, reaching a total of 3.25% per annum. This change will take effect from Wednesday, October 12, 2022.
The increase in variable home loan interest rates is expected to add $63 monthly on a $450,000 variable home loan for owner-occupiers paying principal and interest. Customers can review their new rates through the ANZ app or internet banking once they become effective.
To aid understanding of these changes, ANZ offers resources such as a Home Loan Repayment Calculator and a free Home Loan Check-In service.
ANZ takes into account several factors when making such decisions including customer impact, changes in official cash rates, business performance, and competitive pressures.
For assistance or more information about these changes or services offered by ANZ, customers are encouraged to visit branches or use other contact methods provided by the bank.