Swan welcomes ANZ interest rate announcement

Tuesday 27 October 2009

Article by Mozo

ANZ has announced that it is to keep its interest rates in line with the national level, which may be good news for those seeking low interest home loans.

The Herald Sun reported that the bank is so far the only institution to commit to such a move following a call from prime minister Kevin Rudd for financial centres to maintain rates no higher than that set by the Reserve Bank of Australia (RBA).

ANZ chief Mike Smith made the announcement this week, which was welcomed by treasurer Wayne Swan.

According to the newspaper, he told BusinessDaily: "I join with ANZ customers in welcoming this decision to do the right thing by the economy and pass on no more than official rate rises from the independent RBA."

Meanwhile, Commonwealth Bank said it would not rule out considering hiking its rates on variable home loans above that of the RBA.

In related news, the Westpac-Melbourne Institute Index of Consumer Sentiment recently revealed that people have mixed feelings about the mortgages.

Although the index increased by 1.7 per cent, there was an 11 per cent decrease in the number of people who said they were considering buying a new property.

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