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ANZ cuts rates

by Staff Reporter7 minute read
The Adviser

By: Staff Reporter

ANZ has trimmed some of the fat on its fixed term mortgage rates, positioning itself as a true competitor in fixed lending.

Yesterday, the major announced it would slash six basis points from its three year fixed rate, 19 basis points from its four year fixed loan and nine basis points from its five year loan, taking them to 7.64 per cent, 7.74 per cent and 7.94 per cent respectively.

The cuts have allowed ANZ to become more competitive in the fixed lending arena.

CBA is offering three year fixed mortgage rates at 7.89 per cent, while Westpac is offering 7.79 per cent.

But despite the cuts to longer term rates, ANZ raised its one year fixed rate product by 13 basis points to 6.84 per cent, suggesting near term pressure remains on funding costs.

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