ANZ has announced an increase in variable interest rates for its Australian home loan and savings customers. This follows the Reserve Bank of Australia's decision to raise the official cash rate earlier this week.
The bank will raise all variable interest rate indexes for its Australian home loans by 0.50% per annum starting Friday, August 12, 2022.
In an effort to support savings customers, ANZ is increasing the rate on ANZ Plus Save account balances under $250,000 by 0.50% per annum to reach a competitive 2.50% per annum. Customers can open an ANZ Plus account quickly and access this new rate beginning Monday, August 8, 2022.
For those seeking a fixed return option, such as retirees dependent on interest income, ANZ will offer a new 11-month Advance Notice term deposit rate of 3.00% per annum effective from August 8, 2022. The bank is also reviewing other savings rates.
Maile Carnegie, ANZ Group Executive Australia Retail stated: “We realise the persistent low-rate environment of recent years has been challenging for savings customers, so today we have tried to provide some relief for them with a range of deposit rate increases."
Carnegie added that the bank understands cost-of-living pressures might affect home loan customers differently and emphasized available support options: “ANZ’s experienced customer support teams are also available to help customers with any difficulties and we encourage these customers to get in touch with us as soon as they can.”
The change will result in an increase of $121 in monthly repayments on an average $450,000 home loan for owner-occupiers paying principal and interest. Customers can view their updated rates via the ANZ app or internet banking from the specified dates.
ANZ takes several factors into consideration when making such decisions including customer impact, changes in official cash rates, business performance, and competitive pressures.
Customers seeking assistance with understanding these changes have various resources at their disposal including a Home Loan Repayment Calculator and online management tools like Free Home Loan Check-In and Manage Your Loan pages.
Those needing further assistance can visit any ANZ branch or contact their local ANZ Mobile Lender through anz.com or by calling 13 13 14.