ANZ: First big bank to drop home loan rates following today’s RBA cash rate cut

ANZ dropped its variable home loan rates by 0.25% p.a. following today’s RBA cash rate cut, making it the first big bank to pass on the full cut. Considering the backlash ANZ copped from the RBA after not passing on last month’s cash rate cut to customers, it was really only a matter of time before it did.

ANZ rate changes following the RBA cash rate cut included:

  • 0.25% p.a. decrease to all variable interest rates for Australian home and residential investment loans
  • Rate drops from 5.18% p.a. (5.28% comparison rate*) to 4.93% p.a. (5.03% comparison rate*) on principal and interest Standard Variable Rate Owner Occupier home loans
  • Rate drops from 5.73% (5.83% comparison rate*) p.a. to 5.48% p.a. (5.58% comparison rate*) on interest-only Standard Variable Rate Owner Occupier home loans

According to ANZ Group Executive, Australia Retail & Commercial, Mark Hand, “We looked at a number of factors before reaching this decision, including business performance, market conditions and the impact on our customers.”

“On balance, we believe this is the right decision for our home loan customers and for our business,” said Hand.

Although it’s good news that ANZ cut its rates, they aren’t the hottest rates around at the minute, so, if you’re after a better home loan deal, then make sure to check these home loans offers out:

Compare variable rate home loans - rates updated daily

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
  • placeholder
    Mozo Experts Choice 2021
    Smart Booster Home Loan

    2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

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    1.85% p.a.variable for 24 months and then 2.25% p.a.
    2.21% p.a.

    New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.

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    Basic Home Loan

    Owner Occupier, LVR<60%, Principal & Interest

    variable rate
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    Initial monthly repayment
    2.29% p.a.
    2.29% p.a.

    Competitive low variable rate. No application or account management fees. Flexibility to split your loan and set different repayment types. Fee free withdrawals of your savings.

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    Mozo Experts Choice 2021
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    variable rate
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    Initial monthly repayment
    1.99% p.a.
    1.99% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.

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    Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    variable rate
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    Initial monthly repayment
    2.19% p.a.
    2.20% p.a.

    Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) Make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

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    Variable Home Loan

    Owner Occupier, Principal & Interest

    variable rate
    comparison rate
    Initial monthly repayment
    1.99% p.a.
    1.99% p.a.

    Refinance only. Super-fast digital application process. Zero upfront fees. No on-going service fees. Free 100% offset sub account. Comes with Visa debit card and the ability to use digital wallets; Apple and Google Pay. 25% deposit required.

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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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