ANZ tries to lure new mortgage customers with lower rates

ANZ tries to lure new mortgage customers with lower rates
ANZ is trying to expand its share of the lucrative mortgage market.CREDIT:WAYNE TAYLOR

ANZ Bank is ramping up its attempt to attract new lower-risk home loan customers by cutting the interest rate offered to new owner-occupiers with a deposit of at least 20 per cent.

The move came as credit ratings agency Moody’s warned more borrowers would struggle to meet their mortgage payments over the next two years, as a record number of interest-only loans convert to principal and interest loans.

Amid predictions the big four banks will follow their smaller rivals and raise interest rates in response to higher funding costs, ANZ on Thursday announced deeper discounts for new customers taking out one of its home loan products… Read more