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Fiji Time: 4:11 AM on Friday 25 April

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Bank slashes loan rates

Timoci Vula
Monday, November 12, 2012

THE Australia New Zealand (Bank) Fiji has, effective from today, further reduced its interest rates on home loans.

ANZ's interest rate reduction of 0.75 per cent per annum on its one-year fixed owner-occupied home loan and residential investment property loan will be effective from today.

A statement from the bank said the rate for those one-year fixed loans would now be 4.5 per cent per annum. It said the fixed rate was available from today and valid for applications received before February 28 next year.

ANZ head of Retail Banking Fiji Graham Meecham said fixed loans were popular because it provided customers the security of having a set loan repayment each month.

The rate for these one-year fixed loans will now be 4.5 per cent per annum.

The fixed rate is available from today and is valid for applications received before February 28, 2013.

"With the new rate applied to an owner occupied one-year fixed loan, customers can save approximately $521 in repayments per year on a 25-year $100,000 home loancompared with the previous rate," said Mr Meecham. He said this was a great way for customers to manage their household budgets better.