ANZ lowers rates on business loans

ANZ has become the last of the "big four" Australian banks to lower the interest rates attached to its home and business loans.

Westpac, Commonwealth Bank and National Bank of Australia have already reduced their rates and ANZ has now followed suit.

The lender has sanctioned a 0.37 per cent cut on its mortgages and business products.

Bosses confirmed that the average small company with a loan in the region of $130,000 will save $9.25 a week thanks to the readjustment.

Last year, ANZ announced that it would review its interest rates on the second Friday of each month and leaders insisted this latest cut was made in spite of increased funding pressures.

The big four banks had little choice but to introduce a reduction of some sort, after the Reserve Bank of Australia slashed the national cash rate by 50 points at the start of May. This surprised a lot of people, as most experts had predicted a fall of just 25 points.

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