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A major Australian lender has just announced it will lower interest rates for Australian variable retail home loans by 0.25 per cent.
Effective Friday 8 May, ANZ’s standard variable interest rate will be 5.38 per cent per annum, with a 5.44 per cent comparison rate. The 0.25 per cent decrease will save customers about $60 per month or $750 per year for the average home loan of $300,000.
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“Following our interest rate review this month and today’s decision by the Reserve Bank, we’ve decided to decrease home loan rates by 0.25 per cent per annum with the savings effective from this Friday,” ANZ's Australia chief executive, Mark Whelan, said.
“We hope by announcing this decision today we’re able to provide certainty for our customers looking to manage their household budgets as well as playing our part in supporting the broader economy,” he said.
ANZ has altered its process of making changes one week after announcement and will use a more flexible approach when setting effective dates taking into account its existing criteria.
