Banks are being encouraged to reduce their level of exposure to lending with a loan-to-value ratio of over 80%.
ANZ's deal, which includes a one-year fixed rate of 4.95%, $1000 cash for new lending of more than $100,000, fee-free banking, a free debit card and a credit card with no account fees for one year, starts tomorrow.
To receive the special rate, customers must have a minimum 20% deposit and an ANZ Freedom account and credit card.
Other customerswill face an increase in the one-year rate, from 5.19% to 5.25%.
ANZ's home loan prize draw, in which 10 home loan customers a month win back the value of their annual repayments, will continue until the end of September.
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