Changes to ANZ rates, fees and agreements
Changes to our Business Overdraft Facility Terms and Conditions
Notice published 5 December 2024
Effective from 4 January 2025 we’re making changes to our Business Overdraft Facility Terms and Conditions to clarify:
- How interest and Overdraft Management fees are charged and paid, where we have agreed that they can be paid from a different account.
- How we can provide notices relating to your Business Overdraft Facility electronically, including by making notices available through our website and online channels.
For the full details of the changes see below.
If you have been provided with a new Business Overdraft Facility since 28 September 2024 or have received the Business Overdraft Facility terms and conditions since that date, then your terms and conditions will already incorporate these changes.
Changes to our terms and conditions
Clause 4.1(b) (Authority to Deduct Payments)
Current clause
(b) The Interest and Overdraft Management fees on each Payment Date, or any date on which the Bank makes demand pursuant to clause 3; and
New clause
(b) The Interest and Overdraft Management fees on each Payment Date, or any date on which the Bank makes demand pursuant to clause 3. If the Bank has agreed for Interest or Overdraft Management fees to be paid from a different account, the Bank will add the Interest or Overdraft Management fee to the balance of this Facility on the Payment Date and debit the other account on the next day (Interest) or business day (Overdraft Management fee) to pay the amount of the Interest or Overdraft Management fee; and
Clause 10.1 (Notices)
Current clause
10.1 Notices (other than public notices) under this Facility and for the purposes of all disclosure required by the Credit Contracts and Consumer Finance Act 2003 may be:
(a) Given to the Customer;
(b) Sent by post to the Customer at the address shown on the letter attached, or any other address notified by the Customer or, if the Customer has left that address (or the last notified address) to the Customer care of the Bank at the Branch address;
(c) Sent to the information system specified by the Customer for the purpose of receiving those notices if the Bank’s practice is to give notices in electronic form by electronic means
New clause
10.1 Notices (other than public notices) under this Facility and for the purposes of all disclosure required by the Credit Contracts and Consumer Finance Act 2003 may be:
(a) Given to the Customer;
(b) Sent by post to the Customer at the address shown on the letter attached, or any other address notified by the Customer or, if the Customer has left that address (or the last notified address) to the Customer care of the Bank at the Branch address;
(c) Sent by email to the Customer using the last email address the Customer has provided to the Bank;
(d) Included on a website or online channel the Customer can access, like ANZ Internet Banking or ANZ goMoney.
Changes to ANZ Direct Online Conditions of Use
Original notice published 1 November 2024 and update published 5 December 2024
Update to notice
The changes mentioned in our original notice below have unfortunately been delayed, and will no longer be effective on 8 December 2024 as originally planned:
- 5 Day Reports display transaction date columns to show the date a transaction was processed. These reports can only be generated for business days.
- 7 Day Reports display value date columns to show the date a transaction was made. These reports can be generated every day of the year, including on weekends and public holidays.
We will let you know the effective date for these changes once we have more information.
Original notice
Effective 8 December 2024, we’re making the following updates to the ANZ Direct Online Conditions of Use:
Reports and Interest Accrual within ANZ Direct Online
We’re updating this section to state that:
- Real Time Balances and Transactions screen displays the transaction date for payments, which is the date the payment was processed. This is generated every day of the year, including on weekends and public holidays.
- 5 Day Reports display transaction date columns to show the date a transaction was processed. These reports can only be generated for business days.
- 365 Reports show both the transaction date and the value date.
- 7 Day Reports display value date columns to show the date a transaction was made. These reports can be generated every day of the year, including on weekends and public holidays.
We’re also including a definition for ‘Transaction Date’ (being the date a transaction is processed) and ‘Value Date’ (which is the date a transaction is made). Finally, we are removing the term ‘User Guide’ and replacing it with ‘Online Help’ to reflect recent changes to the guides available for ANZ Direct Online.
Once these changes have been made, the updated ANZ Direct Online Conditions of Use will be available on ANZ Direct Online. They will also be available from any ANZ branch.
Change to ANZ Institutional Overdraft Base Rate
Notice published 3 December 2024
We’re making a change to our Institutional Overdraft Base Rate. See below for a summary of this change and effective date.
New interest rate (p.a.) | Change (p.a.) | Effective date | |
|---|---|---|---|
Institutional Overdraft Base Rate | 7.55% | -0.50% | 17 December 2024 |
Interest rates are subject to change.
Change to ANZ interest rates
We're making changes to some of our home loan and account interest rates. See below for a summary of the changes and effective dates.
ANZ Home loans
New rate (p.a.) | Change (p.a.) | Effective date new loans | Effective date existing loans | |
|---|---|---|---|---|
ANZ Floating Home Loan | 7.39% | -0.50% | 3 December 2024 | 10 December 2024 |
ANZ Flexible Home Loan | 7.50% | -0.50% | 3 December 2024 | 3 December 2024 |
ANZ Business Flexible Facility – Base Rate | 7.39% | -0.50% | 3 December 2024 | 3 December 2024 |
ANZ Interest-bearing accounts
Account balance | New rate (p.a.) | Change (p.a.) | Effective date | |
|---|---|---|---|---|
ANZ Online Account | $0.00+ | 1.50% | -0.50% | 10 December 2024 |
ANZ Business Premium Call Account | $0.00+ | 1.50% | -0.50% | 10 December 2024 |
ANZ Agri Current Account | $0.00+ | 1.20% | -0.50% | 10 December 2024 |
ANZ Agri Personal Account | $0.00+ | 0.10% | -0.40% | 10 December 2024 |
ANZ Business Premium Current Account | $0.00+ | 1.20% | -0.50% | 10 December 2024 |
ANZ Select Account | $5,000+ | 0.40% | -0.40% | 10 December 2024 |
ANZ Serious Saver account
New rate (p.a.) | Change (p.a.) | Effective date | |
|---|---|---|---|
Standard interest rate | 0.85% | N/A | 30 November 2024 |
Premium interest rate^ | 2.40% | -0.50% | 30 November 2024 |
Total interest rate | 3.25% | -0.50% | 30 November 2024 |
^To earn premium interest, you must make no withdrawals and deposit $20 or more (not including credit interest) on or before the last business day of the month.
ANZ Business overdrafts
New rate (p.a.) | Change (p.a.) | Effective date | |
|---|---|---|---|
Commercial Overdraft base rate | 12.35% | -0.40% | 10 December 2024 |
Business Bank Indicator Rate (BBIR) | 12.35% | -0.40% | 10 December 2024 |
Agri Current Account base rate | 10.55% | -0.40% | 10 December 2024 |
Business Overdraft base rate | 14.35% | -0.40% | 10 December 2024 |
Interest rates are subject to change. Our lending criteria, terms, conditions, and fees apply. A copy of our Reserve Bank Disclosure Statement is available online or on request from any ANZ branch.
Changes to benefits available under ANZ banking packages
Notice published 21 November 2024
We’re making a change to the benefits available under our ANZ banking packages. This means that ANZ will no longer offer a benefit for ANZ Life & Living Insurance under ANZ banking packages from and including 5 December. This change will not affect existing ANZ Life & Living Insurance policyholders who have signed up under an ANZ banking package.
This change impacts the terms and conditions for the following ANZ banking packages: ANZ@work, ANZ Staff Banking and Retired Officer, Law and Accounting Professionals, Franchise, Early Childcare Council and NZ Bar Association packages.
For information about a specific package, including package eligibility criteria and package benefits, or a copy of the new ANZ banking package Terms and Conditions, call our team on 0800 269 296 or visit any ANZ branch. ANZ Life & Living Insurance is provided by Chubb Life Insurance New Zealand Limited. No member of ANZ Bank New Zealand Limited and its related companies, or any other person, guarantees Chubb Life or any of its subsidiaries, or any of the products issued by them.
ANZ Data Sharing service expanded for third parties and additional accounts
Notice published 12 November 2024
We’re enhancing the ANZ Data Sharing service. From 26 November 2024, ANZ customers will be able to securely share their account information with approved third parties. We’re also expanding the account types that data can be shared from, including business accounts. We’ve also made changes to improve clarity.
This change is detailed under the following sections:
- About Data Sharing
- Here’s how Data Sharing works
- How your information is collected and shared
- How to stop sharing information
- How your information is kept safe
- Service availability
- Privacy
The updated Data Sharing Service Terms and Conditions will be available at ANZ Data Sharing and in ANZ goMoney from 26 November 2024.
Changes to the Fair Trading Act and our standard form small trade loan contracts
Effective from 16 August 2022
We’ve reviewed and made changes to our standard form small trade loan contracts to comply with certain changes to the Fair Trading Act 1986. Those changes extend protections that currently apply to customers who have standard form consumer contracts to customers on standard form small trade contracts.
What are standard form small trade loan contracts?
Small trade contracts are defined in section 26C of the Fair Trading Act 1986 and standard form contracts are defined in section 46J of the Fair Trading Act 1986. If your loan or facility with us is a small trade contract and is documented on any of the ANZ template standard form contracts set out at the end of this notice, then that is a standard form small trade loan contract for the purposes of this notice.
What are the changes?
Generally, we’ve made the following changes to our standard form small trade loan contracts covered by this notice:
- Events of default clauses: Where our standard form small trade loan contracts include default clauses, we’re including remedy periods or materiality thresholds into some of the circumstances that could result in you being in default
- Indemnities: Where you’ve given us an indemnity, we’re generally limiting the scope of costs we can recover from you under that indemnity
- Unilateral changes: We’re:
- clarifying the changes we can make to standard form small trade loan contracts and what you can do if you’re not happy with the changes we’re making; and
- limiting when we can make those changes immediately and generally extending the notice period to 30 days’ notice for other changes - Limitation of liability: We’re generally not limiting our liability for loss or damage that arises from our gross negligence or wilful misconduct
- Entire agreement clauses: We’re not excluding prior statements or representations that may have been made
- Conclusive evidence clauses: Where we determine an amount, such as how much you owe us, and we say it is conclusive or binding on you, you’ll be able to ask us how we’ve calculated that amount if you think it’s incorrect.
What contracts and customers are impacted?
New and existing small trade customers will both benefit from these changes we have made. From 16 August 2022 the standard form small trade loan contracts we issue, and the processes we apply to the existing standard form small trade loan contracts that are signed, varied or renewed from that date, will reflect the changes we’ve outlined above.
ANZ template standard form small trade loan contracts governed by this notice
- Commercial and Corporate Facility Agreements (and associated general conditions or general conditions – development)
- Agri Loan Agreements
- Agri Current Account Agreements
- Business Overdrafts (and associated overdraft terms and conditions)
- Commercial and Corporate Development and Investment Facility Agreements and Investment Facility Agreements (and associated general conditions)
If you have received a Loan Summary or Flexible Facility Summary from us that’s issued under the Business Loan Terms and Conditions or the Business Flexible Facility Terms and Conditions, we’ve separately updated those terms and conditions effective from 16 August 2022 – please visit our business agreements page to view those terms and conditions.
Important information
Our eligibility criteria apply. Fees and interest rates are subject to change. For full details see our Reserve Bank Disclosure Statement, Terms and Conditions and Fees and Charges, or you can request these, free of charge, from any ANZ branch.
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