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Increase in Some Home Loan Interest Rates

Wednesday 22 May 2002

ANZ Announce An Increase in Some Home Loan Interest Rates

ANZ's Managing Director, Dr Murray Horn, today announced an increase in some variable rate home lending rates.

The interest rate on the standard variable and ANZ Money Saver home loans will increase by 0.25% for new applications received from Thursday 23 May 2002 and for existing customers from Thursday 6 June 2002 (to 7.75% and 7.15% respectively).

The ANZ FlexiPlus home loan interest rate will also increase 0.25% from 7.50% per annum to 7.75% per annum for both new and existing customers from Thursday 6 June 2002.

ANZ has changed its ANZ Easy Start introductory margin for new applications from Thursday 23 May, which means the introductory variable interest rate for these customers will be 6.25% per annum. The rate for ANZ Easy Start customers who applied prior to Thursday 23 May will increase by 0.25%, effective Thursday 6 June.

"There has been further upward pressure on short term interest rates over recent weeks. This has resulted in the need for these increases to restore interest rate margins," Dr Horn said.

Ends


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