ANZ has announced an increase in variable interest rates for home loans in Australia by 0.50% per annum. This change follows the Reserve Bank of Australia's decision to raise the official cash rate and will take effect from June 17, 2022. The adjustment will apply to all ANZ's variable interest home loan rates, with customers able to view their new rates via the ANZ app or internet banking.
In addition to reviewing its current savings rates, ANZ will introduce a new rate for its 11-month Advance Notice term deposit at 2.25% per annum, effective from June 13, 2022. This move aims to assist customers in achieving their savings goals.
ANZ Group Executive Australia Retail, Maile Carnegie, stated: “We know rate changes affect customers differently and some may be looking for support as they reorganise their household budgets, particularly if they haven’t experienced many rate increases before."
Carnegie highlighted that ANZ offers various forms of support for customers managing their finances, including a free home loan check-in service designed to help reorganize loans according to individual needs. She added: “Many of our customers remain in good financial condition to manage rate rises with about 70 percent ahead on repayments."
The increase of 0.50% per annum is expected to raise monthly repayments by $115 on an average home loan of $450,000 for owner-occupiers paying principal and interest.
For those concerned about interest rates and repayments, ANZ provides options such as online requests for a free home loan check-in and tools like the Home Loan Repayment Calculator. Customers seeking assistance can visit any ANZ branch or contact them through various channels including anz.com or by calling 13 13 14.