ANZ changes interest rates across business, home loan and savings accounts

ANZ Bank New Zealand (ANZ NZ) is making changes across its business lending, floating and fixed home loan interest rates, as well as savings and term deposit rates.

The decreases in home loans include a 36-basis point drop on the 3-year special fixed rate to 5.99% p.a. and a 15-basis point drop on the floating variable home loan rate to 8.49% p.a.

The decreases for business include a 15-basis point drop to the Business Floating and Business Overdraft base interest rate.

ANZ NZ Managing Director for Business and Agri, Lorraine Mapu, said while the recent lift in consumer confidence, easing inflation pressure and a drop in wholesale rates were encouraging signs, inflation wasn’t beaten yet.

“For many of our business and farming customers the environment remains really challenging out there. The New Zealand economy is still doing it tough and global markets remain volatile,” Ms Mapu said.

“But, following the Reserve Bank of New Zealand’s July Official Cash Rate announcement, we’ve seen a drop in wholesale rates so we’re able to pass on further savings to our customers.”

Ms Mapu said most business and agri customers tended to be on floating rates so decreases would flow through relatively quickly.

“For those needing further relief and support there are tailored options available. We encourage anyone feeling financial pressure to talk to their bank to ensure they are getting the support they need.”

ANZ NZ Managing Director for Personal Banking, Grant Knuckey, said a quarter of all market activity in June was driven by customers switching banks as people took advantage of the competitive market.

“In recent years people have typically fixed their home loans on shorter terms. That means many will soon be in a position to take advantage of the lower rates.”

Mr Knuckey said when reviewing interest rates, the bank considered a range of factors, including the Official Cash Rate and changes in wholesale interest rates and the need to balance the needs of borrowers and savers.

In response to decreases in wholesale swap rates and the reduction in home loan rates, ANZ has also decreased savings rates by 15-basis points and term deposit rates between 10-basis points and 30-basis points for terms 1 year and longer.

The 5-month term deposit rate has increased by 50-basis points.

The new rates will be effective from the following dates:

• Savings and Term Deposits: 1 August 2024
• Home Loans:
  • ANZ Fixed Home Loans 1^st August 2024
  • ANZ Floating home loan interest rate: New Loans 1^st August 2024, Existing Loans 15^th August 2024
  • ANZ Flexible home loan interest rate: 15^th August 2024
• Business Floating base interest rate: 6 August 2024 for new loans and 20 August 2024 for existing loans.
• Business Overdraft base interest rate: 20 August 2024

Home Loan Fixed Rate 'Specials' are available to customers with a minimum of 20% equity and an ANZ transaction account with salary direct credited. Otherwise, standard interest rates apply. They are not available with any package discounts. Lending criteria, terms, conditions, and fees apply.

For media enquiries contact Briar McCormack 021 2801173

Download PDF