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One major bank has responded to the “increasingly competitive market” by cutting rates and offering $1,000 switching bonuses.
ANZ cut six basis points from its three-year fixed rate, which is now 5.28 per cent, and from its Breakfree package, which has fallen to 5.13 per cent. The change took effect on February 7.
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ANZ has also introduced a $600 loan applicant fee waiver for new Simplicity Plus loans and will pay a $1,000 switching bonus for loans greater than $1 million that are submitted before March 7.
The bank’s head of third party relationships, Keiran Evans, said the initiatives were designed to win greater market share.
“We’ve introduced a range of special discretions to help brokers win new customers in an increasingly competitive market,” he told The Adviser.
“[We’ve] dropped our three-year fixed interest rate and we are increasing the size of our overall sales force by a third this year to improve service levels for brokers.”
This year has already seen rate cuts from a raft of lenders, including Westpac, NAB Broker, Citibank, ING Direct, Teachers Mutual Bank, Advantedge Financial Services and Suncorp Bank.
Westpac has also raised commissions, while Commonwealth Bank has offered a $1,000 rebate for first home buyers.
