ANZ maintains variable home loan rates

Friday 09 March 2012

Article by Mozo

Despite claiming that the cost of lending is continuing to rise, ANZ has opted not to increase the rates on its variable home loan packages.

The company has decided not to sanction a second hike in two months, although it has increased some of its fixed-rate offerings by up to 20 basis points.

Many Aussies feared a repeat of February, when the country's four leading institutions – ANZ, Westpac, Commonwealth Bank and National Australia Bank – all hiked the interest rates attached to their mortgages after the Reserve Bank of Australia decided against a cash rate cut.

However, homeowners have been handed a reprieve by ANZ, which will keep its standard variable mortgage rate at 7.36 per cent.

Chief executive at ANZ Philip Chronican suggested that lending conditions remain difficult for the bank.

"We are walking a tightrope between our customers' interest in keeping rates as low as possible and the commercial reality," he remarked.

ANZ maintains variable home loan rates

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