ANZ to raise lending rates
PA Wellington The ANZ Bank is to raise its index lending rate by 1 per cent, for the second time this month. ANZ said its rate will rise from 17 per cent to 18 per cent from December 23. Previously it raised the rate from 16 per cent on December 8, though this was its first rise in more than a year. The announcement affects overdrafts, term loans and personal loans, including second mortgages. Housing first mortgages are not immediately affected, but are under review, ANZ said. ANZ’s managing director, Mr Brian Weeks, said the. increase in the index lending rate reflected the continuing sharp rise in the cost of deposit funds. “We appreciate that this rate is disappointing but we have held the increase down for as long as possible,” Mr Weeks said.
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Press, 20 December 1986, Page 34
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139ANZ to raise lending rates Press, 20 December 1986, Page 34
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