the adviser logo

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]

Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more