ANZ reduces variable home lending rates

ANZ today announced it will lower interest rates for variable rate home loan customers following the Reserve Bank of Australia’s decision to decrease the official cash rate today.

Variable interest rates across ANZ’s Australian home loans will decrease by 0.25%pa, effective 28 February 2025. ANZ continues to review other interest and deposit rates.

ANZ Group Executive Australia Retail, Maile Carnegie said: “The Reserve Bank’s decision to reduce the cash rate is an important step for our economy and will be welcome news for our borrower customers, providing some long-awaited relief from cost of living pressures.

“We’re concious that interest rates for borrowers remain high. While our data indicates that our customers are generally faring well, some will still be facing challenges.  We urge them to reach out sooner rather than later to discuss options for any additional support required and we are committed to providing tailored solutions to ease financial strain, for both personal and business needs.”

“Every dollar counts, so I encourage customers who’d like to learn more about what this rate change means for them to contact us and undertake a free home loan check-in.”

ANZ’s current home loan rates and resources to help manage home loans are available at anz.com. Customers looking to better understand their home loan can:

·         visit our Manage your loan page for information about options to take control of their home loan and repayments. If customers wish, they can request to make adjustments to their direct loan repayment after the change to their minimum loan repayment becomes effective;

·         access our Home loan repayment calculator, which enables customers to see how this change may affect their repayments;

·         undertake a free Home loan check-in which can help customers to understand their options for their home loan;

·         learn more about either wholly or partially fixing their home loan interest rate, which may assist some customers with more repayment certainty; and

·         use the ANZ Budget Planner to help customers understand their spending and plan for the future.

ANZ considers a range of factors in making decisions regarding our interest rates, including the impact on customers, the change in the official cash rate, business performance and competitive pressures.

Customers looking for further assistance can review Home loan interest rate changes at anz.com, message us in the ANZ App or ANZ Plus, call ANZ Home Loans on 13 25 99 (Mon-Fri 8am-7pm AEST) or visit any ANZ branch.

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