Chief Executive Officer Brian Robb revealed this in an interview with the Solomon Star.
Mr Robb said the new interest rates repayment for loans became effective as of 1st September.
He said this is good news for businesses and customers who may want to loan from them.
“This means more customers and businesses can now afford a loan and they can repay their loans at lower rates than what they used to repay last month or last year.
“The new calculation will take effect as of 1st September,” he said.
Rates for business index has reduced by 1.5% while lending interest rates for micro-loans, housing, personal and personal overdrafts had been reduced by 2% each.
For instance an interest rates for housing loan was around 14% previously but it had now reduced to 12%.
Personal loan which customers apply in order to buy a car, wedding or education has been reduced to 17.5% from more than 19% previously.
“So this is good news for the businesses, customers and the nation to apply for loan to meet their needs or generate wealth,” Mr Robb said.
Since December 2008 as a result of the global economic crisis, ANZ had increased its interest rates for loan repayments to nearly 20%.
This has also resulted in many local businesses and customers declining to apply for a loan because of the increase rate they will have to repay.
Mr Robb said the reduced rates were introduced due to improve financial condition in the country based on financial reports and markets in the country and overseas.
He said the rates are subjects of review every week and months.
On the other hand interests for retail deposits, term deposit and savings accounts have remained the same.
By MOFFAT MAMU
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