PHOTO: ANZ. FILE
ANZ Bank New Zealand Cuts Interest Rates Across Various Products
On Wednesday, ANZ Bank New Zealand announced changes to interest rates for business lending, floating and fixed home loans, savings accounts, and term deposits.
Lorraine Mapu, ANZ NZ Managing Director for Business and Agri, highlighted the recent lift in consumer confidence, easing inflation pressures, and a drop in wholesale rates as encouraging signs. However, she noted that inflation remains a challenge.
“For many of our business and farming customers, the environment remains really challenging. The New Zealand economy is still struggling, and global markets remain volatile,” Mapu said. “Following the Reserve Bank of New Zealand’s July Official Cash Rate announcement, we’ve seen a drop in wholesale rates, allowing us to pass on further savings to our customers.”
Term Deposit Changes
ANZ New Zealand has reduced interest rates for most term deposits:
- Term deposits over 18 months have been reduced by 0.30%, including:
- Five-year and four-year rates: 4.70%
- Three-year rate: 4.80%
- Two-year rate: 5.05%
- 18-month rate: 5.30%
- The one-year term deposit rate decreased by 0.10% to 5.60%.
- The 150-day term deposit rate increased by 0.50%.
- The 30, 60, 90, and 120-day term deposit rates remain unchanged.
Serious Saver Changes
Interest rates for Serious Saver accounts have been reduced:
- Standard rate interest decreased by 0.05% to 1.20% p.a.
- Premium interest rate decreased by 0.10% to 3.15% p.a.
- Total available interest rate is now 4.35% p.a.
Business Floating Interest Rate Changes
Various business rates have been decreased by 0.15%:
- Business overdraft base rate: 15.55% p.a.
- Business bank indicator rate and commercial overdraft base rate: 13.55% p.a.
- Agri current account base rate: 11.75% p.a.
- Business term loans:
- Floating base rate, plus loan floating base rate, and specialized loan floating base rate: 6.90% p.a.
- Business green loan floating rate: 6.30% p.a.
Home Loan Interest Rate Changes
ANZ New Zealand has reduced interest rates on most home loans:
- Floating home loans: 8.49% p.a.
- Flexible home loans: 8.60% p.a.
- Business flexible facility loans: 8.49% p.a.
Special fixed rate loans:
- Six-month rate: 6.99% p.a. (down 0.06%)
- 18-month rate: 6.49% p.a. (down 0.20%)
- Two-year rate: 6.34% p.a. (down 0.15%)
- Three-year rate: 5.99% p.a. (down 0.36%)
Fixed rate home loans:
- Five-year and four-year rates: 6.84% (down 0.30%)
- Three-year rate: 6.59% p.a. (down 0.36%)
- Two-year rate: 6.94% p.a. (down 0.15%)
- 18-month rate: 7.09% p.a. (down 0.20%)
- Six-month rate: 7.59% p.a. (down 0.06%)
- One-year fixed rate remains unchanged at 7.45% p.a.
Effective Dates
- Savings and term deposits: August 1, 2024
- Home Loans:
- ANZ Fixed Home Loans: August 1, 2024
- ANZ Floating home loan interest rate: New loans on August 1 and existing loans on August 15
- ANZ Flexible home loan interest rate: August 15
- Business Floating base interest rate: August 6 for new loans and August 20 for existing loans
- Business Overdraft base interest rate: August 20