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ANZ Announces Increase In Home Loan Interest Rates

Friday 22 March 2002

ANZ New Zealand Managing Director, Dr Murray Horn, today announced an increase in variable and fixed home lending rates.

Term deposit rates will also be increased early next week.

The standard variable home loan interest rate will increase from 6.70% per annum to 7.20% per annum for new applications received from Monday, 25 March 2002 and for existing customers from Friday, 12 April 2002.

In addition to this change, ANZ's Easy Start introductory 12-month variable rate will increase from 5.45% per annum to 5.95% per annum and the ANZ Money Saver variable rate will increase from 6.10% per annum to 6.60% per annum. These changes are also effective for new applications received from Monday, 25 March 2002 and for existing customers from Friday, 12 April 2002.

The ANZ FlexiPlus home loan interest rate will increase from 6.70% per annum to 7.20% per annum for both new and existing customers from Friday, 12 April 2002.

Fixed home loan rates will also increase from Monday, 25 March 2002, as follows:
Six month fixed rate increases from 6.60% per annum to 6.95% per annum
One year fixed rate increases from 6.95% per annum to 7.35% per annum
Two year fixed rate increases from 7.60% per annum to 7.90% per annum
Three year fixed rate increases from 7.95% per annum to 8.25% per annum
Four year fixed rate increases from 8.15% per annum to 8.40% per annum
Five year fixed rate increases from 8.30% per annum to 8.60% per annum

"These increases have become necessary due to higher wholesale interest rates, which have increased sharply in recent months in anticipation of the RBNZ's tightening of monetary policy," Dr Horn said.

ENDS

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