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Home loan rate changes

Rate decision – 4 November 2020

ANZ has announced new fixed rates for owner occupiers paying principal and interest, to become effective on 5 November 2020. ANZ acknowledges that many of its customers are searching for greater repayment certainty in the current environment, and so are offering a lower fixed rate to ensure customers have competitive options to suit their needs.

Further details on ANZ’s announcement can be found at ANZ’s Media Centre.

 

ANZ Fixed Interest Rates

Owner occupied - Principal and Interest

 

ANZ Fixed Home Loan

Change

(% p.a.)

New Rate

(% p.a.)

Comparison Rate1

(% p.a.)

New rate with Breakfree discount2

(% p.a.)

Comparison Rate1

(% p.a.)

1 year

-0.30%

2.24%

4.24%

2.09%

4.13%

2 year

-0.20%

2.24%

4.06%

2.09%

3.98%

3 year

-0.20%

2.24%

3.90%

2.09%

3.84%

4 years

-0.40%

2.44%

3.81%

2.29%

3.77%

5 years

-0.40%

2.44%

3.68%

2.29%

3.67%

 

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 

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, refer to our media centre page or interest rates page, which will be updated on 5 November 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 or through our COVID-19 Hub on anz.com.

 

1. This comparison rate is calculated on a loan amount of $150,000 over a term of 25 years based on monthly repayments, including the minimum Breakfree discount, except where rates provided exclude that discount. 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.

Fixed rate home loans aren’t for everyone and early repayment costs may apply if you repay your loan or switch to another one before the end of your fixed term or make early or additional repayments. Once the fixed rate period ends, the loan reverts to a variable rate loan and repayment amounts will change.

For fixed rate interest only loans, the comparison rates are calculated based on an initial interest only period equal in term to the fixed period.

2. Breakfree interest rate discounts apply to eligible loan accounts linked to a customer’s Breakfree package which meet minimum lending requirement (total mortgage lending must be at least $150,000) and apply while the customer holds a Breakfree package and meets ongoing eligibility criteria. The Breakfree annual package fee is currently $395 (but may change from time to time). Terms and conditions, fees and charges, and other eligibility criteria apply to products and services taken out in connection with a Breakfree package.

Remember: The interest rate for a fixed rate loan is set at the time the loan is drawn down, and interest rates can change between the time of applying for the loan and drawing it down. A customer can lock in an agreed rate for a limited period by putting in place a Lock Rate facility. A Lock Rate Facility is available for loans of up to $1 million with fixed rate periods of 1 to 5 years, and the agreed rate will apply provided the loan is drawn down within 90 days of the date the customer applies for the Lock Rate facility and pays the facility fee (currently $750 for each $1 million of lending or part of $1 million). 

All rates in this notice are current as at 5 November 2020. ANZ regularly reviews its interest rates and may change them from time to time. For details of current rates, please refer to anz.com.

Terms and conditions, fees and charges, and eligibility criteria (e.g. ANZ credit approval criteria) apply to ANZ loans.

If you have questions about interest rates and your repayments, you can visit an ANZ branch, anz.com or call us on 13 13 14.

Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522. Australian credit licence number 234527.