ANZ today announced the Standard Variable Rate Indices for Residential Home Loan products will decrease by 0.12%pa, while increasing the rate on its one and two-year term deposits by up to 0.75%pa.
All Standard Variable Rate Indices for Residential Home Loan products to decrease by 0.12%pa. For Owner Occupiers this reduces the Index Rate to 5.25%pa; Residential Investor Index Rate reduces to 5.52%pa. All business lending variable rate indices will decrease by 0.10%pa. Deposit rate special for popular one-year Advanced Notice Term Deposit to increase by 0.60%pa to 3.00%pa; two-year term deposit to increase 0.75%pa to 3.20%pa with both effective 5 August.
ANZ Group Executive Australia Fred Ohlsson said: “This was a considered decision that balances the expectations of our home loan customers to keep lending rates as low as possible, while also supporting our savings customers who help fund our lending.
“Regulatory and funding costs have continued to rise and we need to remain attractive to depositors. We are pleased however that home loan customers can still benefit from these historically low interest rates and that we have maintained a competitive rate for both owner occupiers and investors.
“Customers concerned about the long-term direction of rates are able to take advantage of our highly competitive fixed rates that are now at historical lows, including our rate of 3.75%pa* fixed for two years,” Mr Ohlsson said.
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