ANZ, the only major bank to cut variable rates for existing customers

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The fourth-largest lender ANZ reversed the trend, announcing it will cut variable rates by 0.15% for new and existing home loan customers.

ANZ is also:

  • reduce by 0.49% its fixed mortgage rate over 2 years for owner-occupiers paying principal and interest; and –
  • allowing financially troubled customers to defer mortgage repayments for up to six months.

As a result of today’s changes, ANZ adjustable rate home loan customers will save approximately $ 34 per month or $ 406 per year. This is based on a homeowner with a $ 400,000 30-year loan paying principal and interest on the discounted variable rate on the minimum repayment.

Changes to the ANZ Variable Rate for Homeowners Paying Principal and Interest

Effective March 27

Old rate New rate Change
Standard variable rate 4.54% 4.39% -0.15%
Declining variable rate 3.74% 3.59% -0.15%
Lowest variable rate 2.87% 2.72% -0.15%

RateCity.com.au’s research director, Sally Tindall, said the bank provides relief to most of its borrowers.

“It’s great to see that ANZ has stepped up its efforts and provided something for the majority of its borrowers to help them through these turbulent times,” she said.

“In this economic climate, every dollar counts.

“When these changes take effect, ANZ will have the lowest open floating rate of the Big Four at 2.72 percent,” she said.

“Now three of the big four banks are offering fixed rates as low as 2.19%, we are likely to see other lenders sue them, potentially cutting fixed rates even more,” she said.

Variable rates of the four big banks – state of play

Standard variable rate Declining variable rate Lowest variable rate
ABC 4.55% 3.85% 2.97%
Westpac 4.58% 3.19% 2.93%
NAB 4.52% 3.67% 2.84%
ANZ 4.39% 3.59% 2.72%

Note: Rates are for the homeowner paying principal and interest on a loan of $ 400,000. Some tariffs have not yet entered into force.

The lowest fixed rates of the big four banks – state of play

1 year fixed 2 years fixed 3 years fixed
ABC 2.29% 2.29% 2.29%
Westpac 2.19% 2.19% 2.19%
NAB 2.39% 2.19% 2.29%
ANZ 2.98% 2.19% 2.88%

Note: Rates are for an owner-occupier paying principal and interest. Westpac rates are for an LVR of 70% or less. The 2-year NAB rate of 2.19% is for first-time buyers and 2.29% for other owner-occupiers. Some tariffs have not yet entered into force.


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