Cash rate reduction passed on by ANZ

ANZ has announced that it will bring its interest rates in line with the recent change to the cash rate that came into effect today (November 2nd).

Starting on November 14th, the bank will be cutting rates on its variable mortgages by 25 basis points, taking it down to 7.55 per cent.

The financial institution joins the Commonwealth Bank of Australia and Westpac, which have also announced that they will pass on the rate cut in full.

This means that of the big four banks, only National Australia Bank has yet to reveal whether it will change its loan rates.

Philip Chronican, chief executive officer of ANZ, said in a statement: "We're acutely aware that many of our customers are doing it tough and despite higher funding costs we're pleased to be able to pass on the reduction in the cash rate in full."

The change to the cash rate announced yesterday marks the first change during 2011.

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