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ANZ Decreases Variable Home Loan Interest Rates

ANZ today announced a decrease in variable home lending rates following the Reserve Bank's decision to reduce the OCR.

The standard variable home loan interest rate will decrease from 7.95% per annum to 7.70% per annum for new applications received from Wednesday, 16 May 2001 and for existing customers from Monday, 11 June 2001.

In addition to this change, ANZ's Easy Start introductory 12-month variable rate will decrease from 6.95% per annum to 6.70% per annum and the ANZ Money Saver variable rate will also decrease from 7.55% per annum to 7.30% per annum. These changes are also effective for new applications received from Wednesday, 16 May 2001 and for existing customers from Monday, 11 June 2001.

The ANZ FlexiPlus home loan interest rate will decrease from 7.95% per annum to 7.70% per annum for both new and existing customers from Monday, 11 June 2001.

"The Reserve Bank's decision to reduce the OCR today means that the lower short-term wholesale interest rates seen over the past month or so should be sustained," said ANZ Managing Director, Dr Murray Horn.

Dr Horn says it is pleasing to be able to pass the benefits of these lower wholesale rates onto ANZ's customers.

ENDS


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