Increase in bank lending rates

Two major banks in the country will be increasing their interest rates beginning this week, 20 Feb 2009. The interest rate increase has been blamed on the sustained increase in deposit rates and the high demand for a reducing pool of funds available for lending or system liquidity. Consider this, Fiji’s liquidity has reduced from highs of $300m 18 months ago to an average of less than $50m in recent months.

• ANZ – 0.5% increase in variable interest effective as of 20 Feb 2009.
• Westpac – 0.25% increase in variable interest effective on 25 Feb 2009 and a further increase of 0.25% effective on 23 Mar 2009.

Old vs new lending rates (%) for ANZ:

• Business index rate: 10.25 vs 10.075
• Home loan: 9.50 vs 10.00
• Investment loan: 9.50 vs 10.00
• Personal loan: 11.50 vs 12.00 (secured); 14.20 vs 14.70 (unsecured)
• Rural banking micro loan: 19.00 vs 19.50
• Small loan: 19.00 vs 19.50 (unsecured)

Old vs new lending rates (%) for Westpac:

• Business lending loan: 9.99 vs 10.24 (effective 25 Feb)vs 10.49 (effective 23 Mar)
• Residential property loan: 9.50 vs 9.75 (effective 25 Feb) vs 10.00 ( effective 23 Mar)
• Investment loan: 9.50 vs 9.75 (effective 25 Feb) vs 10.00 (effective 23 Mar)

ANZ Interest Rates (updated 22.08.08)

Schedule of interest rates released by ANZ Fiji are as follows:

• Business Index Rate - 10.25%;
• Residential Property Loan : Standard Variable Rate - 9.75%, 1 Year Fixed Rate - 7.75%;
• Investment Loan : Standard Variable Rate - 9.75%, 1 Year Fixed Rate - 7.75%;
• Personal Loans : Secured - 11.50%, Unsecured - 14.20%;
• Small Loans : Unsecured - 19.00%;
• Retail Term Deposits: 9 months to 1 year - 1.25%, 1 to 2 Years - 1.75%, 2 Years to 3 Years - 1.75%.
  

Interest rates are on a per annum basis and may be varied by ANZ without prior notice.

ANZ reduces interest rates on loans effective 01.09.08

Australia and New Zealand Banking Group Limited (ANZ) has announced a 0.25 % reduction in interest rate for its variable residential property loans. The new standard variable rate will be 9.50 % per annum.

The new fixed rates for residential property loans effective from 1 September, 2008 are:

• 1 Year - 7.50% per annum
• 2 Year - 8.00% per annum
• 3 Year - 8.50% per annum.

For more information, pls call the ANZ Bank branch near you.

Colonial National Bank Interest Rate

Schedule of interest rates released by Colonial National Bank are as follows:

• Business Banking Base Rate – 9.45%
• Residential Property Loan : Variable Rate – 9.75%, 1 Year Fixed Rate – 7.75%;
• Investment Loan : Variable Rate – 9.75%, 1 Year Fixed Rate – 7.75%;
• Retail Term Deposits: 9 months - 2.00%, 1 year - 2.00%, 1.5 Years - 2.00%, 2 Years - 2.00%, 3 Years - 2.00%.
  

Interest rates are on a per annum basis and may be varied by the bank without prior notice.