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.
Home loan comparisons on Mozo - page last updated October 20, 2020
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