ANZ PNG today announced it will reduce its mortgage interest rate for home loans from 8.95%p.a to 6.95%p.a bringing it 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 SME businesses occurs later this year.
ANZ PNG will also reduce its mortgage interest rate for Residential Property Investment Loans from 9.95%p.a to 9.50%p.a.
The new mortgage rates, effective Monday 15 July 2019, will apply to all existing ANZ mortgages.
ANZ PNG Country Head, Mark Baker, said: "We're committed to helping ensure the transition for customers to Kina Bank is as seamless as possible. 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."
Customers do not need to fill in any new documentation. ANZ will update all its existing customers' records to reflect the new rates once they come into effect.
ANZ PNG will cease underwriting new mortgage loans on Monday 15 July 2019 as it prepares for the sale to be completed.
Any new mortgage applications or enquires from this date will be referred to Kina Bank.
