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ANZ Announce Increase In Home Loan Interest Rates

Tuesday 23 April 2002

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

The standard variable home loan interest rate will increase from 7.20% per annum to 7.50% per annum for new applications received from Wednesday 24 April 2002 and for existing customers from Wednesday 8 May 2002.

In addition to this ANZ's Easy Start introductory 12-month variable rate will increase from 5.95% per annum to 6.25% per annum for new applications. For existing ANZ Easy Start customers the current rate will also increase by 0.30%.

The ANZ Money Saver variable rate will also increase from 6.60% per annum to 6.90% per annum. These changes are also effective for new applications received from Wednesday 24 April 2002 and for existing customers from Wednesday 8 May 2002.

The ANZ FlexiPlus home loan interest rate will increase from 7.20% per annum to 7.50% per annum for both new and existing customers from Wednesday 8 May 2002.

Fixed home loan rates will also increase from Monday, 29 April 2002, as follows:
* Six month fixed rate increases from 6.95% per annum to 7.20% per annum
* One year fixed rate increases from 7.35% per annum to 7.50% 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," says Dr Horn.

"The RBNZ has now raised the Official Cash Rate by a total of half a percentage point from the low reached in November last year. However 90 day bank bill rates have risen by almost a full percentage point over the same period as the market has moved to anticipate both the recent official rate increases and further rises over the months ahead."

ENDS

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