ANZ cut interest rates by just 0.14%
The ANZ have followed suit in the so-called battle of the big four banks.
They've only cut their standard variable rates by 0.14 per cent.
The move follows CBA cutting 0.14 per cent and NAB 0.15 per cent.
Westpac have just cut their rates by 0.15 per cent.
“This was a considered decision balancing the needs of our customers in a low rate environment as well as the performance of our business and our role in stimulating the economy," ANZ Group executive Australia retail & commercial, Mark Hand said.
- For Standard Variable Rate Owner Occupiers paying Principal & Interest the Index Rate will reduce by 0.14%pa to 4.79%pa
- For Standard Variable Rate Investors paying Interest Only the Index Rate will reduce by 0.25%pa to 5.74%pa
Changes to variable rates are effective 11 October 2019.
“We were able to match the full rate reduction in July and the majority in June, however the dynamics of record low interest rates has resulted in a reduction in variable home lending rates of between 0.14%pa and 0.25%pa this time around.
“While we recognise many customers will use this as an opportunity to pay down their existing home loans faster, we hope this provides the economic stimulus the Reserve Bank is wanting to generate.
“We have also announced a new fixed rate of 2.98%pa for home owners paying principal and interest with either two or three year terms available from tomorrow. This is the lowest residential rate on record for ANZ,” Mr Hand said.
The new standard variable rate for owner occupiers paying principal and interest will come in to effect on October 11, bringing it to 4.79 per cent.
