ANZ Decreases Home Loan Interest Rates

Wednesday, 14 March 2001, 2:57 pm
Press Release: ANZ Bank

ANZ today announced decreases in both variable and fixed home lending rates.

The variable home loan interest rate will decrease from 8.50% per annum to 8.25% per annum for new applications received from Thursday, 15 March 2001 and for existing customers from Monday, 9 April 2001.

ANZ's Easy Start home loan introductory 12-month variable rate will decrease from 7.50% per annum to 7.25% per annum and the ANZ Money Saver variable rate will also decrease from 8.10% per annum to 7.85% per annum.

The ANZ FlexiPlus home loan interest rate will decrease from 8.50% per annum to 8.25% per annum for both new and existing customers from Monday, 9 April 2001.

Fixed home loan rates will decrease from Thursday, 15 March 2001, as follows:

* Three year fixed rate decreases from 7.30% per annum to 7.20% per annum
* Four year fixed rate decreases from 7.60% per annum to 7.40% per
annum
* Five year fixed rate decreases from 7.70% per annum to 7.50% per
annum

ANZ Chief Economist, Bernard Hodgetts, says the reductions reflect the decline in wholesale interest rates over the past few weeks with short-term rates having fallen further on the back of the Reserve Bank's decision to reduce the OCR today. He says it is pleasing to be able to pass the benefits of these lower wholesale rates onto ANZ's customers.

ENDS

For further information please contact: Steve Fisher, (09) 374 4123 or 025 642 5823.

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