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

By Rhianna Dews · · 2 min read
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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:

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Last updated 24 November 2024 Important disclosures and comparison rate warning*

Home loan comparisons on Mozo

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  • Unloan Variable

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    $2,995
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    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Budget Home Loan

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    Enjoy a discounted variable home loan from IMB. Get up to $4,000 cashback (T&Cs apply). Life-of-loan discount off IMB’s standard variable interest rate. Unrestricted additional repayments. Free Internet and Mobile Banking redraws (T&Cs apply). No monthly fees to pay. Up to a 30 year loan term. Split loan available. No offset account.

  • Mortgage Simplifier

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    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.

  • Elevate

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    Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.

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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. You can change the loan amount and term in the input boxes at the top of this table. 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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