Two of the big four banks have announced reductions of up to 96 bps across their owner-occupied and investment home loans.
ANZ and the Commonwealth Bank of Australia (CBA) have reduced fixed rates across their owner-occupied and investment home loan products, applying to borrowers with both principal and interest (P&I) and interest-only (IO) terms.
ANZ’s fixed rate changes are effective for new applications from Thursday, 25 July.
The changes to ANZ’s owner-occupied fixed rates are as follows:
Further, changes to ANZ’s investment fixed rates are as follows:
This marks the second time ANZ has repriced its fixed rates this month.
The Commonwealth Bank has cut its fixed rates by up to 80 bps, effective from Friday, 26 July.
The changes to CBA’s owner-occupied fixed rates are as follows:
Further, changes to CBA’s investment fixed rates are as follows:
Reflecting on CBA’s reductions, Canstar’s finance analyst, Steve Mickenbecker, observed: “Commonwealth Bank’s reductions ranging up to [80 bps] confirm just how competitive the market is for new lending.
“The larger cuts also demonstrate the current favourable conditions for long-term funding.”
Earlier this month, Westpac also slashed rates across its offerings by up to 70 bps.
Westpac’s subsidiaries (Bank of Melbourne, BankSA, and St George Bank) have also reduced rates by up to 65 bps, effective from 22 July.
[Related: Westpac cuts fixed rates by up to 70bps]
Charbel Kadib is the news editor on The Adviser and Mortgage Business.
Before joining the team in 2017, Charbel completed internships with public relations agency Fifty Acres, and the Department of Communications and the Arts.
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