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ISCOVER
Staff Reporter
All major banks have now revealed their interest rate decisions, with ANZ announcing this afternoon it will cut its rates later this month.
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The lender has followed moves by the other three majors and withheld part of the Reserve Bank’s 25 basis point reduction.
Effective from 21 December 2012, ANZ’s new standard variable mortgage rate will be 6.40 per cent, a reduction of 0.20 per cent.
ANZ CEO Australia Philip Chronican said: “This month we assessed a wide range of factors in reaching our decision including the impact of the lower cash rate on domestic funding sources, continuing competition for deposits, the international funding environment and our competitive position.
“We believe our decision to lower our variable mortgage rate by 0.20 per cent is the right ones for our customers providing a competitive mortgage rate while also recognising the significant uncertainty associated with the fiscal situation in the United States and the political situation in Europe.”
ANZ’s decision means NAB continues to offer the cheapest standard variable rate of the majors at 6.38 per cent. CBA’s current rate is 6.40 per cent and Westpac’s 6.51 per cent.
ANZ’s next review is scheduled for Friday 8 February, 2013.
