ANZ drops home loan rates further

October 08, 2009 04:52:07 PM

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The Australia and New Zealand Banking Group (ANZ) has announced a 0.6 percent drop in variable interest rates for residential loans.

The bank's owner-occupied home loan variable rate is now 8 percent and the investment property home loan variable rate is now 8.5 percent.

The new rates are effective tomorrow.

“ANZ interest rates are now significantly lower than the start of the year, when the banking system was facing a liquidity crisis,” said Robert Bell, ANZ CEO Central Pacific Region and General Manager Fiji.

Bell said owning a home remained an aspiration for many customers and was a pathway towards building long term financial security for families.

“For existing ANZ home loan customers, this latest rate reduction will enable you to pay down your loan faster.”

“Prior to these rate changes, ANZ was already the most competitive of the major banks in terms of variable interest rates,” Bell added.

“These latest reductions make ANZ the outright leader.