ANZ will lower the interest rate on its standard variable home loan by 10 basis points following the Reserve Bank of Australia’s decision to reduce the cash rate yesterday.
ANZ’s standard variable home loan rate will be lowered to 5.81 per cent for new and existing customers and will be effective as of Friday 17th April.
The reductions come after the RBA cut the cash interest rate by 25 basis points to a 49-year low of 3 per cent.
“Tight competition for customer deposits and volatile wholesale funding markets are keeping our funding costs high,” ANZ head of Australia operations Brian Hartzer said.