ANZ has announced an increase in interest rates for its variable home loan customers. This follows the Reserve Bank of Australia's decision to raise the official cash rate on December 6, 2022.
The bank stated that variable interest rates across its Australian home loans will rise by 0.25% per annum, effective from Friday, December 16. ANZ is also reviewing rates across its savings products.
Maile Carnegie, ANZ Group Executive Australia Retail, acknowledged the financial pressure some customers may be experiencing due to increased living costs and rate changes throughout the year. "We know that with increases in the cost of living and rate changes across the year some of our customers may be feeling greater financial pressure. If customers are facing difficulties, we urge them to reach out to us as early as they can to discuss tailored options to support them and their circumstances," she said.
Carnegie also mentioned tools available for customers to understand these changes better: “We also have practical tools like our home loan repayment calculator and free home loan check-in which can help our customers to better understand what these changes mean for them.”
The change in interest rates will result in a $65 increase in monthly repayments on a $450,000 variable home loan for owner-occupiers paying principal and interest. Customers can view their new interest rates and repayments via the ANZ app or internet banking starting from the effective date.
To assist with understanding these changes, ANZ suggests visiting their "Manage your loan" page, using their Home Loan Repayment Calculator, or undertaking a free Home Loan Check-In. These resources aim to provide more certainty or flexibility in managing home loans.
For further assistance, customers are encouraged to visit any ANZ branch, contact a local ANZ Mobile Lender, log on to anz.com, or call 13 13 14.
ANZ takes into account various factors when making such decisions, including customer impact, changes in the official cash rate, business performance, and competitive pressures.