Home loan rates lowered
Australia and New Zealand Banking Group (ANZ) has announced that it is to lower fixed home loan and residential investment loan rates by between 30 and 50 basis points.
AAP has reported that this will amount to a reduction in the firm’s one-year fixed rate deals of 0.5 per cent to 8.49 per cent and its products ranging from two to ten years will be reduced by 0.3 per cent.
The announcement follows last week’s pledge that the company would pass on any rate cuts by the Reserve Bank of Australia in full to its customers.
Meanwhile, this is the second time this month that the group has lowered its rates, as the bank is currently receiving more favourable loan rates on its own funds through buoyancy in the short-term money markets.
Today, ANZ has its world headquarters in Melbourne but was founded in London under Royal charter in 1835 as the Bank of Australasia.