ANZ the last of the Big 4 to slash fixed rates
Today, ANZ slashed rates across a range of its fixed rate home loans, making it the latest in a long list of lenders to make cuts.
With the Commonwealth Bank, NAB and Westpac all having made cuts of their own last month, it was only a matter of time before ANZ followed suit.
The cuts range from 20 to 60 basis points, and apply to both owner occupier and investor loans.
ANZ Owner occupier home loan rate changes
| Product | Old rate | Change | New rate |
|---|---|---|---|
| ANZ 3 Year Fixed Home Loan (P&I) | 3.99% | -0.30% | 3.69% (4.94% comparison rate*) |
| ANZ 5 Year Fixed Home Loan (P&I) | 4.19% | -0.20% | 3.99% (4.89% comparison rate*) |
| ANZ 2 Year Fixed Home Loan (Interest Only) | 4.49% | -0.20% | 4.29% (5.13% comparison rate*) |
| ANZ 3 Year Fixed Home Loan (Interest Only) | 4.59% | -0.60% | 3.99% (5.00% comparison rate*) |
| ANZ 5 Year Fixed Home Loan (Interest Only) | 5.09% | -0.59% | 4.50% (5.07% comparison rate*) |
Cuts to investment loans range from 6 to 30 basis points. Interest rates for a 3 year investor loan (principal and interest) now sit at 3.99% p.a. (5.44% p.a. comparison rate*) following a 20 basis point cut.
This follows Tuesday’s announcement that the RBA would hold the cash rate steady for another month. Anticipation of an upcoming cut is now stronger than ever, and we’re seeing many banks already pricing the decision into their interest rates.
Along with ANZ, Macquarie also made changes across its fixed rate sheet today. Its Basic Home Loan, available for owner occupiers paying principal and interest, saw cuts of between 10 and 15 basis points.
Owner occupiers looking to lock in a one year term will now be able to take advantage of a low 3.59% p.a. interest rate (3.69% p.a. comparison rate*).
This week also saw sizeable cuts from RAMS. Rates for its Fixed Rate Home Loan, available for owner occupiers paying principal and interest, dropped by between 10 and 40 basis points. Its two year fixed rate option now sits at 3.59% p.a. (5.36% p.a. comparison rate*).
So if you’ve been on the market for a home loan, the latest batch of cuts might have you feeling optimistic. Before you make your next move, be sure to check out our fixed rate home loan comparison page, or check out some quality options below.
Fixed home loan comparisons on Mozo
-
Fixed Home Loan
- Owner Occupier
- Principal & Interest
- LVR <95%
Go to site- Interest rate
-
5.69
%
p.a.
Fixed 3 years
- Comparison rate
-
6.28
%
p.a.
- Initial monthly repayment
-
$2,899
Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.
- interest rate
-
1 year - 6.19% p.a. (6.45% p.a.*)
2 years - 5.69% p.a. (6.34% p.a.*)
3 years - 5.69% p.a. (6.28% p.a.*)
4 years - 5.89% p.a. (6.30% p.a.*)
5 years - 5.89% p.a. (6.27% p.a.*)
- Fixed loan revert rate
-
6.34% p.a.
- Upfront fees
-
$799
- Ongoing fees
-
$6.00 monthly
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
$2,899
- Extra repayments
-
yes - free up to 1 year in advance
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$500.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Monthly fee only applies to fixed period of loan.
- Other benefits
-
-
- Special Offers
-
$4,000 cashback for loans $750,000 and above with a maximum LVR of 80%, settled within 90 days of application for refinancers or 180 for purchase loans. $3,000 for loans between $500k and $749k, $2,000 for loans between $250k and $499k.
Read reviews and learn more about IMB Bank home loans
Go to site -
Fixed Rate
- Owner Occupier
- Principal & Interest
- <80% LVR
- Interest rate
-
5.74
%
p.a.
Fixed 3 years
- Comparison rate
-
6.81
%
p.a.
- Initial monthly repayment
-
$2,915
Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.
- interest rate
-
1 year - 6.14% p.a. (7.13% p.a.*)
2 years - 5.74% p.a. (6.94% p.a.*)
3 years - 5.74% p.a. (6.81% p.a.*)
4 years - 5.89% p.a. (6.75% p.a.*)
5 years - 5.99% p.a. (6.69% p.a.*)
- Fixed loan revert rate
-
7.24% p.a.
- Upfront fees
-
$160
- Ongoing fees
-
$0.00
- Discharge Fee
-
$160.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
$2,915
- Extra repayments
-
yes - free up to to lesser of 5% of original fixed loan amount, or $5,000 each year
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
Optional - $10 per month - 1 year fixed term only
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
No monthly fee after end of fixed rate term. Lock your fixed rate for 90 days for a fee of $750 per $1m in lending (or part thereof).
- Special Offers
-
$3,000 cashback for eligible First Home Buyers borrowing $250k+, $2,000 cashback when you refinance loans of $250k+, <80% LVR, settle within 180 days for first home buyers, 120 days for refinances. Excludes refinances from ANZ, ANZ Plus and Suncorp.
Read reviews and learn more about ANZ home loans
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Your selected home loans
* 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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