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 - last updated January 16, 2021
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