ANZ has become the last of the big four to lower interest rates following the RBA’s August 6 cash rate cut.
The major lender has reduced its variable rate mortgages by 0.25%pa, following its monthly interest rate review.
Effective Friday, August 16, ANZ’s standard variable rate will be 5.88%pa (5.98%pa comparison rate).
“In making our decision this month, we took into account our cost of funding, our competitive positioning and the impact of economic conditions on our customers,” says ANZ CEO Australia, Philip Chronican.
“Our move to reduce rates by 0.25%pa maintains ANZ’s position as having the equal
lowest standard variable rate among the major banks.”
ANZ also says that variable rates for small business lending will decrease by 0.25%pa.
Standard Variable Mortgage Interest Rates for Major Banks: