ANZ has announced a reduction in variable home loan rates in Australia, ranging from 0.25% to 0.35% per annum across several Standard Variable Rate indices. The new rates will take effect on March 13, 2020.
For Standard Variable Rate Owner Occupiers paying Principal & Interest, the rate will decrease by 0.25%, bringing it to 4.54% per annum. Investors paying Principal & Interest will see a similar reduction of 0.25%, lowering their rate to 5.14% per annum. Owner Occupiers paying Interest Only will also experience a 0.25% reduction, resulting in a rate of 5.09% per annum. Meanwhile, Investors paying Interest Only will benefit from a more significant decrease of 0.35%, setting their new rate at 5.39% per annum.
Mark Hand, ANZ Group Executive for Australia Retail & Commercial, stated: “The decision by the Reserve Bank to reduce the cash rate to historically low levels highlights the significant impact the outbreak of COVID-19 is already having on the global economy.”
Hand further elaborated on ANZ's stance: “While there were a range of factors considered in making this decision, ANZ is prepared to play its role in supporting both our customers and the broader economy through this period of uncertainty.”
Customers are encouraged to contact ANZ if they wish to lower their monthly minimum payments or explore competitive fixed-rate options during these times of low rates.
In addition to adjusting home loan rates, ANZ is offering financial support for business customers affected by COVID-19 disruptions. This support includes suspending interest repayments, allowing early access to term deposits without penalties, and providing additional credit access.
Customers seeking assistance with interest rates or experiencing financial impacts due to COVID-19 are advised to visit an ANZ branch or contact them at 13 13 14.