ANZ to reduce mortgage interest rate

ANZ PNG has announced it will reduce its mortgage interest rate for home loans from 8.95 per cent per annum to 6.95 per cent.
According to a statement from ANZ, this is in line with Kina Bank’s current home loan rate to help ensure a smooth transition for customers when the transfer of ANZ’s retail, commercial and small to medium enterprises businesses occurs later this year.
ANZ PNG will also reduce its mortgage interest rate for residential property investment loans from 9.95 per cent per annum to 9.50 per cent.
The new mortgage rates, effective yesterday applied to all existing ANZ mortgages.
“We’re committed to helping ensure the transition for customers to Kina Bank is as seamless as possible,” ANZ PNG country head Mark Baker said.
“By aligning our rates to Kina Bank’s rates, it means when customer accounts move across to Kina Bank there’ll be no change to mortgage repayments, fees or charges on completion of the sale.”