skip to log on skip to main content
VoiceOver users please use the tab key when navigating expanded menus

Home loan rate changes

Rate decision – 20 March 2020

ANZ announced today it will decrease variable interest home loan rates in Australia. Effective 27 March 2020, ANZ will reduce variable interest rates for home, residential investment and line of credit loans by 0.15% p.a. ANZ has also announced changes to a fixed rate at the time of this statement, for more information please see ANZ’s media release.

How will this affect my repayments?

To help customers get ahead of their repayments, ANZ will not automatically reduce the minimum repayment you make on your loan. This means your actual repayments will stay the same but the minimum repayment you are required to pay reduces, which results in you paying off more of the loan principal with each repayment.

However, if you'd like to change your repayment amount, you can do so after 27 March 2020. This can be done online through ANZ internet banking or by contacting ANZ. If you would like to see an estimate of what you could reduce your repayments to, please check the Repayments Calculator.

Below is a summary of the changes that will be effective on 27 March 2020.

 

Principal and interest repayments

Loan type

Decrease

Interest rate from 27 March 2020

Comparison rate from 27 March 2020*

ANZ Standard Variable Home Loan Index

0.15% p.a.

4.39% p.a.

4.49% p.a.

ANZ Standard Variable Residential Investment Property Loan (RIPL) Index Rate

0.15% p.a.

4.99% p.a.

5.09% p.a.

ANZ Simplicity PLUS Home Loan Rate

0.15% p.a.

3.74% p.a.

3.78% p.a.

ANZ Simplicity PLUS Residential Investment Property Loan (RIPL) Rate

0.15% p.a.

3.74% p.a.

3.78% p.a.

 

Interest only repayments

Loan type

Decrease

Interest rate from 27 March 2020

Comparison rate from 27 March 2020*

ANZ Standard Variable Home Loan Interest Only Index

0.15% p.a.

4.94% p.a.

4.70% p.a.

ANZ Standard Variable Residential Investment Property Loan (RIPL) Interest Only Index Rate

0.15% p.a.

5.24% p.a.

5.18% p.a.

ANZ Simplicity PLUS Home Loan Interest Only Rate

0.15% p.a.

3.94% p.a.

3.85% p.a.

ANZ Simplicity PLUS Residential Investment Property Loan (RIPL) Interest Only Rate

0.15% p.a.

3.73% p.a.

3.77% p.a.

 

Line of credit changes

Loan type

Decrease

Interest rate from 27 March 2020

Comparison rate from 27 March 2020*

ANZ Equity Manager Rate

0.15% p.a.

6.01% p.a.

n/a

 

Products no longer available for sale

Loan type

Decrease

Interest rate from 27 March 2020

Comparison rate from 27 March 2020*

ANZ Home Equity Loan Rate (no longer available for sale)

0.15% p.a.

6.09% p.a.

n/a

ANZ Money Saver Home Loan Rate (no longer available for sale)

0.15% p.a.

4.04% p.a.

4.20% p.a.

ANZ Money Saver Investment Loan Rate (no longer available for sale)

0.15% p.a.

4.64% p.a.

4.80% p.a.

 

*Comparison Rate calculated on a loan amount of $150,000 over a term of 25 years based on monthly repayments. These rates are for secured loans only.

WARNING: This Comparison Rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

For interest only variable loans, the comparison rates are based on an initial 5 year interest only term.

 

How will ANZ communicate these changes to customers?

Current interest rates are available on anz.com and ANZ advertises any changes to its rates in a national newspaper. Depending on your type of loan, you might also be notified of changes in an account statement or letter.

What criteria does ANZ use when making decisions on interest rates? 

We regularly review interest rates to ensure they reflect current market conditions.  Our review includes factors such as: 

  • The cost of wholesale funding
  • Our competitive positioning
  • The impact of economic conditions on our customers
  • Regulatory requirements
  • Ensuring fair rates for depositors
  • Overall business performance

What if I want to change my repayment amount?

If you wish to change your loan repayments yourself, you can do so after 27 March 2020 as follows: 

 

Phone or internet banking

Branch

Another financial institution or salary deduction

If you make your payments via a Direct Loan Payment from an ANZ account, adjustments can be made via Internet Banking or by calling 13 25 99 between 8.00am and 8.00pm (AEST), Monday to Friday

 

If you make your payments via an ANZ deposit book, you can visit the nearest ANZ branch.

 

If you make your payments via a transfer from an account held at another financial institution, or by salary deduction through an employer, you will need to provide instructions to your financial institution or your employer to change repayments to reflect the new repayment amount.

 

How can I try to save interest on my home loan?

The following options may assist:

  • Change your repayment arrangements so you make repayments more frequently (e.g. from monthly to weekly).
  • If you have an eligible loan (such as an ANZ Standard Variable loan or a one year ANZ Fixed loan), you could consider linking an offset account to it. The more money you have in your linked offset account, the less interest you'll need to pay on your home loan.

You should carefully consider these options and your personal circumstances before deciding whether to make any changes to your repayment arrangements.

 

I would like more information. Who can I speak to?

If you would like more information, visit any ANZ Branch, call us on 13 13 14 or refer to our media centre page or interest rates page, which will be updated on 27 March 2020 to reflect these changes.

 

What can I do if I'm having difficulty making my repayments? 

Please contact us so we can review your situation and explore the available options. More information can be found at our dedicated Hardship online site on anz.com.

Any information provided is general in nature and does not take into account your personal needs, financial circumstances or objectives and you should consider whether it is appropriate for you. ANZ recommends you read the applicable Terms and Conditions booklets and the ANZ Financial Services Guide (PDF, 104kB) before deciding whether to acquire, or continue to hold, a particular product.