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ANZ drops home lending rates

For release: Thursday, 24 July 2003

ANZ drops home lending rates

ANZ's General Manager Mortgages, David Hamilton, today announced a decrease in variable home lending rates.

The ANZ Standard Variable Home Loan interest rate will decrease from 7.35% p.a. to 7.10% p.a. for new applications received from Friday 25 July 2003 and for existing customers from Friday 22 August 2003.

In addition, ANZ's Easy Start introductory 12-month variable rate will decrease from 5.85% p.a. to 5.60% p.a. for new customers. For existing ANZ Easy Start customers the current rate will also decrease by 0.25% p.a. The ANZ Money Saver variable rate will also decrease from 6.75% p.a. to 6.50% p.a. These changes are also effective for new applications received from Friday 25 July 2003 and for existing customers from Friday 22 August 2003.

The ANZ FlexiPlus home loan interest rate will decrease from 7.35% p.a. to 7.10% p.a. for both new and existing customers from Friday 22 August 2003.

"We are pleased to be able to offer these lower home lending rates, which have been made possible by lower wholesale interest rates following the Reserve Bank's rate cut announced this morning," said David Hamilton.

ENDS

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