ANZ finally cuts fixed home loan rates

ANZ has cut rates across several fixed rate home loans packages as of May 10.

It makes them the last of the big four banks to reduce fixed rates on home loans.

Australia’s fourth largest bank has cut between 0.20 per cent and 0.60 per cent off owner occupier and investor fixed loans.

The cuts make their rates more comparable with their big four competitors.

(Source: RateCity.com.au)

On the same day, Macquarie Bank, Australia’s eighth largest home lender has reduced variable rates on a range of loans by up to 0.51 per cent.

Macquarie Bank's lowest ongoing variable rate, available to new owner occupiers paying principal and interest with a 30 per cent deposit, is now 3.69 per cent – a drop of 0.12 per cent.

As a result they now offer a lower a lower variable rate than the big four banks alongside HSBC, who offer the same rate for new customers.

Sally Tindall, RateCity.com.au research director said, "with more competitive pricing, Macquarie Bank has seen an 18.4 per cent growth in their home lending year on year, according to the most recent data from APRA."

“The move by ANZ today comes as no shock. Some of their fixed rates were sticking out like a sore thumb. Now ANZ has some of the most competitive 3 and 5-year fixed rates available from the big four banks,” she added.

(Source: RateCity.com.au)