ANZ Bank, one of Australia’s big four, has reduced its interest rate for variable rate mortgages by 0.25%.
ANZ’s rate cut will be effective earlier than other lenders, as it will start 12 February at 5.63%, with a comparison rate of 5.73%. Most competitors will make their new rates open on 20 February.
The bank claims the 0.25% decrease will help save customers about $60 per month or $750 per year for the average home loan of $280,000.
“We’ve decided to move our standard variable rate for home loans down by 25 basis points which is the same as the movement in the Reserve Bank’s official cash rate,” said ANZ chief executive for Australia, Philip Chronican.
“Importantly the effective date for this change will be 12 February which is a full eight days earlier than most of our major competitors and I think that’s an important customer benefit,” he added.