Good news for ANZ customers who are seeking loans to construct new homes.

The ANZ Bank has today announced a series of further interest rate reduction on its Business Index rate by 25 basis points and its first year fixed and variable rate Residential Property by 50 basis points.

This interest rate reduction will be effective from today.

ANZ's Owner-occupied Home loan variable rate is now 7.5 percent and the residential Investment Property loan variable rate is 8 percent.

Furthermore, ANZ's Owner-Occupied Home loan fixed rate for the first year will now be 7.25% whilst the Residential Investment Property loan fixed rate for the year will reduce to 7.5%. ANZ's Business Index Rate now stands at 9.6%.

ANZ CEO Central Pacific Region and General Manager Fiji, Norman Wilson said this reduction passes on material benefits to both corporate and retail customers and is in compliance with Reserve Bank of Fiji policies to boost economic growth.

Wilson said ANZ is accordingly well positioned to assist with government's 2010 National Budget announcement last week allocating a housing assistance grant worth $10 million to provide assistance to the needy for construction of new homes.

He said security of owning a home is an aspiration for many of their customers and this is the pathway towards long term financial security for families.