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Rates Lifted on Term Deposits/ Loans

Document date:  Fri 05 Nov 1999
Published:  Fri 05 Nov 1999 00:00:00
Document No:  154748
Document part:  A
Market Flag:  N
Classification: 

HOMEX - Melbourne                                                     

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ANZ today announced it would increase interest rates on term
deposits, and 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.

Interest paid on new Term Deposits will increase immediately. Six
month Term Deposits increase by 0.55% to 5.1%; 12 month Term Deposits
rise by 0.45% to 5.6%; and two year Term Deposits rise by 0.65% to
6.1%.*

The interest rate for ANZ's standard variable housing loan, which has
no monthly fees, will increase by 0.25%, from 6.55% to 6.80%. The
changes are effective from Wednesday, 10 November for new customers
and from 19 November for existing customers.

The increase in interest rates follows increases in wholesale money
market rates in recent months which have anticipated rising official
rates.

ANZ Head of Personal Financial Services, Mr Peter Hawkins said
although the increase was the first since 1994, ANZ's deposit and
lending rates remained highly competitive.

"Following reductions in interest rates over the last five years,
many of our customers have continued to take advantage of low rates
to make higher repayments reducing their loan size and insulating
them from the full impact of this rate rise," he said.

"For depositors, we are pleased to be in a position to increase
interest paid on new Term Deposits from today," Mr Hawkins said.

ANZ Housing Loans continue to offer a range of other benefits
including:

* No monthly fees on standard variable and fixed rate loans.

* The ability to link standard variable rate loans to a 100% mortgage
offset account, with the account balance working daily to reduce the
interest payable on the loan.

For media enquiries, please contact:

Paul Edwards 
HEAD OF GROUP MEDIA RELATIONS 
Tel: 03 9273 6955 or 0409 655 550; email edwardp12@anz.com

* Rates apply to Term Deposits between $5,000 and $25,000.

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