ANZ passes on RBA cut in its entirety

Friday 08 June 2012

Article by Mozo

ANZ has passed on the Reserve Bank of Australia's (RBA) interest rate cut to its business banking customers.

Many economists had predicted that few of the country's major lenders would sanction a full 25-point cut, but ANZ appears to have proven them wrong.

Following the company's monthly interest rate review, bosses at the firm revealed that variable rate mortgage holders and small business loan customers would benefit from the reduction.

Chief executive officer at the institution Philip Chronican said it was important to give struggling Aussies a helping hand, even though banks are being blighted by high funding costs.

"Hopefully this decision will help relieve some of the pressures that we know homeowners and small businesses are facing at present," he remarked.

However, it is not such good news for Westpac customers, as the bank has only cut its mortgage rates by 20 points.

Attention will now turn to the Commonwealth Bank and National Australia Bank, as neither lender has reacted to the RBA's rate cut as yet.

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ANZ passes on RBA cut in its entirety

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