ANZ has announced that it will increase interest rates for its variable home loan by 0.25%pa, following the Reserve Bank of Australia’s decision to lift the OCR. The change will take effect starting Nov. 11.
ANZ said it considered a range of factors in making the decision, including the impact on customers, the change in the OCR, business performance, and competitive pressures.
“We understand the cost of living and rate changes have impacted our customers over a period of some months now,” said Maile Carnegie, ANZ group executive Australia retail. “We have a number of ways we can help our customers to understand these changes, including practical tools like our home loan repayment calculator and free home loan check-in. If customers are facing difficulties, we encourage them to reach out to our experienced teams as early as they can to discuss tailored options to support them.”
ANZ said the 0.25%pa change to variable home loan interest rates will increase monthly repayments by $65 on a variable home loan of $450,000 for an owner-occupier paying principal and interest.
Customers who would like assistance should visit any ANZ branch, contact their local ANZ Mobile Lender, log on to ANZ’s website, or call 13 13 14.
