2 Dec 2009

ANZ bank in Fiji drops interest rates again

10:06 am on 2 December 2009

The ANZ bank in Fiji announced it has again dropped interest rates, this time as a response to the interim government's announcement last week of a housing assistance grant for families wishing to construct new homes.

Fiji Live reports that the bank has slashed by 50 basis points its fixed and variable rates for both owner-occupied and residential property loans.

ANZ's owner-occupied loans now come at a first year fixed rate of 7.25 percent with variable of 7.5 percent, while customers taking out residential property loans should expect to pay a 7.5 percent fixed rate for the first year of payment and an 8 percent variable afterwards.

Business Index Rate was cut by 25 basis points and now stands at 9.6 percent.