ANZ keeps mortgage rates on hold

Friday 10 August 2012

Article by Mozo

Bosses at ANZ have confirmed that the bank will not raise the interest rates attached to its home and small business loans.

The organisation has left its standard variable mortgage rate at 6.8 per cent and this is the second consecutive month that it has opted not to make any changes.

This comes after the Reserve Bank of Australia (RBA) decided against another readjustment, as board members felt the current national cash rate of 3.5 per cent was suitable in the current economic climate.

A lot of mortgage customers across Australia have been angered by their bank's reluctance to trim their interest rates, even though the RBA has slashed the cash rate on numerous occasions since the fourth quarter of 2011.

ANZ's head of Australian economics and property research Ivan Colhoun told Property Observer that the company has "pencilled in" 25-point rate cuts for October and November.

"But the tone of recent RBA communications suggests that the risk to this call is that the RBA doesn't reduce the cash rate as early as we currently expect," he was quoted as saying.

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ANZ keeps mortgage rates on hold

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