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ANZ lowers Floating and Flexible home loan rates
11 June 2015
ANZ lowers Floating and Flexible
home loan rates
ANZ today announced it will lower the
interest rates on its Floating and Flexible home loans by
0.25% p.a. – to 6.49% for ANZ Floating Rate Home Loans,
and 6.60% for Flexible Home Loans.
Fred Ohlsson, ANZ’s Managing Director Retail and Business Banking, said the new rates would be welcomed by home buyers, particularly first home buyers.
“For existing customers with Floating and Flexible home loans, the lower rates will mean more in the household budget each week,” he said.
The new rates will take effect for new ANZ Floating Rate Home Loan customers from Monday 15 June, and for all existing Floating Rate and all Flexible Home Loan customers from Monday 29 June.
Mr Ohlsson said retail interest rates are shaped by a range of market and economic factors, such as the cost of funding from wholesale and customer funding sources, the cost of capital, operating expenses and expected losses.
“In addition, today’s announcement by the Reserve Bank that it would lower the Official Cash Rate by 25 bps signals a move to a lower interest rate environment.
“As New Zealand’s largest home lender, we’re committed to helping people into their own home and are making these lower rates available to borrowers as quickly as possible.”
The new rates will mean weekly payments on a $250,000 Floating Rate home loan will be approximately $10 less than the previous rate.
ANZ won’t be making changes to
its fixed home loan and deposit interest rates, but these
will be kept under review in light of funding costs and
other market conditions, Mr Ohlsson said.
ends
ANZ Bank New Zealand Limited
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