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ANZ follows other big four banks in cutting five-year rates

by Nick Bendel6 minute read
The Adviser

All four majors now offer five-year fixed rates under five per cent after ANZ cut its rates.

ANZ announced that it has reduced its five-year Breakfree rates from 5.49 to 4.99 per cent, effective August 8.

It comes after Commonwealth Bank slashed its five-year rates to 4.99 per cent on July 23, with Westpac and NAB deciding later that day to match the cuts.

ANZ’s five-year rate is now cheaper than its four-year rate, which remains at 5.49 per cent.

There have also been no changes to the other Breakfree rates: 4.79 per cent for one year, 4.84 per cent for two years, 4.94 per cent for three years, and 7.54 per cent for seven or 10 years.

[Related: ME Bank undercuts majors]

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