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Lifts Rates on Home Loans

Document date:  Wed 09 Aug 2000
Published:  Wed 09 Aug 2000 14:39:26
Document No:  165503
Document part:  A
Market Flag:  N
Classification:  Other


HOMEX - Melbourne                                                     

ANZ today announced it would increase interest rates on variable home
and residential investment loans following recent increases in the
wholesale cost of funds and the Reserve Bank of Australia's decision
to lift the Official Cash Rate.

The interest rate for ANZ's standard variable housing loan, which has
no monthly fees, will increase by 0.25%, from 7.82% to 8.07%. The
rate change is effective from 11 August 2000 and increased repayments
for existing home loan customers will apply from 18 September 2000.

ANZ Head of Personal Financial Services, Mr Peter Hawkins said ANZ
had absorbed a part of the cost of recent wholesale rate increases,
but inevitably increases in the cost of funds had to be passed on.

"Our products remain highly competitive and our customers will
continue to benefit from features such as no monthly fees and 100%
offset facility, "Mr Hawkins said.

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