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ANZ matches NAB on rate cut

by Staff reporter7 minute read

ANZ today announced it will lower interest rates for variable rate mortgages by 0.25 per cent per annum following its monthly interest rate review.

Effective February 12, ANZ’s standard variable rate will be 5.63 per cent per annum, with a 5.73 per cent per annum comparison rate.

The 25 basis point decrease will save customers about $60 per month or $750 per year for the average home loan of $280,000.

“We’ve decided to move our standard variable rate for home loans down by 25 basis points which is the same as the movement in the Reserve Bank’s official cash rate,” ANZ CEO Australia Philip Chronican said.

“We’ve tried to have a more open discussion with the community about bank funding costs,” Mr Chronican said.

“It’s true that wholesale funding costs have eased a little bit over the last year or so and that’s taken a little bit of the pressure off.

“Importantly, the effective date for this change will be 12 February which is a full eight days earlier than most of our major competitors and I think that’s an important customer benefit.”