ANZ has announced a reduction in interest rates for its variable rate home loan customers. This follows the Reserve Bank of Australia's decision to decrease the official cash rate. The new rates will be reduced by 0.25% per annum and will take effect from May 30, 2025.
Maile Carnegie, ANZ Group Executive Australia Retail, commented on the situation: “The RBA’s second rate cut will be another welcome reprieve for our home loan customers, who have been facing high cost of living pressures for some time." She further added that while Australians have shown resilience in adapting to economic challenges, some may still struggle. "We remain committed to supporting our customers through tailored solutions and urge them to reach out sooner rather than later to discuss options for any additional support required,” Ms. Carnegie concluded.
ANZ is providing resources on its website to help customers manage their home loans, including tools like the Home Loan Repayment Calculator and ANZ Budget Planner. Customers are encouraged to visit the 'Manage your loan' page for more information on managing their repayments and exploring options such as fixing their interest rates partially or wholly.
ANZ considers various factors when deciding on interest rates, including customer impact, changes in the official cash rate, business performance, and competitive pressures.
For more assistance or inquiries regarding home loan interest rate changes, customers can visit anz.com or contact ANZ through multiple channels such as the ANZ App or by calling ANZ Home Loans directly.