ANZ has announced an increase in variable interest rates for its home loan customers. This decision follows the Reserve Bank of Australia's recent hike in the official cash rate.
The bank will raise variable interest rates on Australian home loans by 0.50% per annum, effective from September 16, 2022. ANZ Group Executive Australia Retail, Maile Carnegie, stated: “We understand the cost of living and changing rate environment is impacting customers in different ways and our experienced teams are here to help our customers understand what these changes mean for them."
Carnegie emphasized the availability of tools to assist customers with these changes, including a new home loan repayment calculator and a free home loan check-in service. She encouraged any customer facing difficulties to reach out for personalized support.
The change will result in an additional $125 monthly repayment on a $450,000 variable home loan for owner-occupiers paying principal and interest. Customers can view their updated interest rates via the ANZ app or internet banking from the effective date.
To assist customers further, ANZ offers resources such as:
- A new Home Loan Repayment Calculator.
- A free Home Loan Check-In service.
- The "Manage your loan" page for better control over repayments.
ANZ evaluates several factors when making such decisions, including customer impact, changes in official cash rates, business performance, and competitive pressures.
Customers seeking assistance are advised to visit an ANZ branch, contact a local ANZ Mobile Lender, log on to anz.com or call 13 13 14.