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ANZ Announce Decrease in Home Loan Interest Rates

Monday 19 August 2002

ANZ Announce a Decrease in Home Loan Interest Rates

ANZ today announced a decrease in variable home lending rates.

The standard variable home loan interest rate will decrease from 8.00% per annum to 7.85% per annum for new applications received from Tuesday 20 August 2002 and for existing customers from Tuesday 10 September 2002.

In addition to this, ANZ's Easy Start introductory 12-month variable rate will decrease from 6.50% per annum to 6.35% per annum for new customers. For existing ANZ Easy Start customers the current rate will also decrease by 0.15% p.a. The ANZ Money Saver variable rate will also decrease from 7.40% per annum to 7.25% per annum. These changes are also effective for new applications received from Tuesday 20 August 2002 and for existing customers from Tuesday 10 September 2002.

The ANZ FlexiPlus home loan interest rate will decrease from 8.00% per annum to 7.85% per annum for both new and existing customers from Tuesday 10 September 2002.

ANZ also announced a decrease to their fixed rates last week, which included an 18-month fixed rate of 6.99% p.a. effective from Friday 16 August 2002. This rate is lower than the current 1 and 2 year fixed rates offered by most other lenders. The 18 month fixed rate is subject to change but can be held at the date of application for up to 28 days free of charge. "Wholesale interest rates have fallen in recent weeks, with the turmoil in the US sharemarket creating concerns regarding the prospects for the world economy. This has provided us with scope to lower the interest rates on all of our home mortgage products," said ANZ General Manager Mortgages, David Hamilton.

ENDS


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