Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

Third major bank cuts rates

Three major banks have now cut their standard variable rates in response to the Reserve Bank’s 25 basis point rate reduction this afternoon.

ANZ is latest major bank to announce a reduction. The bank’s Standard Variable Rate Indices for Residential Home Loan products will decrease by 12 basis points.

ANZ will also increase the rate on its one and two-year term deposits by up to 0.75 per cent p.a.

Advertisement
Advertisement

“This was a considered decision that balances the expectations of our home loan customers to keep lending rates as low as possible, while also supporting our savings customers who help fund our lending,” ANZ group executive Australia Fred Ohlsson said.

“Regulatory and funding costs have continued to rise and we need to remain attractive to depositors,” he said.

“We are pleased however that home loan customers can still benefit from these historically low interest rates and that we have maintained a competitive rate for both owner occupiers and investors.”

Third major bank cuts rates
mortgagebusiness

Latest News

Residential mortgage and deposit growth have offset a COVID-related hit to the non-major bank’s earnings. ...

Reserve Bank governor Philip Lowe has been called to appear before a parliamentary committee to face questioning over the central bank’s m...

The non-bank has successfully priced its PRS 27 transaction, issuing $1 billion worth of bonds backed by Australian mortgages. ...

FROM THE WEB
podcast

LATEST PODCAST: Sharp lending recovery expected to be short-lived

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.