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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.

“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.”

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