Business

ANZ last to lower rates

ANZ Australia chief executive Philip Chronican said the RBA's decision had impacted domestic funding sources, giving the bank scope to reduce its rates.
ANZ Australia chief executive Philip Chronican said the RBA's decision had impacted domestic funding sources, giving the bank scope to reduce its rates. Kieran Salsone

ALL of the four big banks now have cut interest rates, with ANZ the final bank to join the party, lowering its rate by 37 basis points on Friday.

The ANZ decision will take its variable rate mortgages from 7.42% to 7.05%, compared with NAB's 6.99% rate, Commonwealth Bank's 7.01% and Westpac's 7.09% variable rate.

While the cuts will be welcomed by homeowners and small businesses, none of the banks have met the Reserve Bank's cut of 50 basis points to 3.75% made on May 2.

ANZ's cut will save customers about $20 per week on the average home loan of $280,000, while small businesses will save $9.25 per week for the average business loan of $130,000.

ANZ Australia chief executive Philip Chronican said the RBA's decision had impacted domestic funding sources, giving the bank scope to reduce its rates.

"We continue to work hard to ensure we are competitive despite sustained funding pressure driven by the high rates we are paying to our 2.9 million deposit customers relative to the Reserve Bank's cash rate and the ongoing volatility in wholesale money markets," he said.

Topics:  anz, cash rate, interest rates, rba


Join the Community.

Get your local news, your way.

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Fiance pays tribute to ‘gentle soul’

Scott Elliot died at Double Island Point in April. His fiance describes him as a "gentle soul" and "child of the sea".

Logan Central man dies while spear fishing.

When will this treatment end?

Australia needs a strong leader to stand up and say enough is enough

Small business gears up to take on Bunnings

COMPETITIVE: Ian Gill, owner of Mitre 10 Loganholme wants locals to get behind small business.

Bunnings headed to Loganholme.

Latest deals and offers

Fire support group needs your help

Bad publicity has seen donations to group drop off.

Fiance pays tribute to ‘gentle soul’

Scott Elliot died at Double Island Point in April. His fiance describes him as a "gentle soul" and "child of the sea".

Logan Central man dies while spear fishing.

When will this treatment end?

Australia needs a strong leader to stand up and say enough is enough

Small business gears up to take on Bunnings

COMPETITIVE: Ian Gill, owner of Mitre 10 Loganholme wants locals to get behind small business.

Bunnings headed to Loganholme.

Hospital launches new volunteer program

Margaret, Pat, Vicky (volunteer), Jim, Kirsty (volunteer), Trevor (volunteer). Back Row L-R: Yasmeen Lal (Occupational Therpist, Mick Tilley (allied Health Assistant), Catherine Triandafyllou (Allied Health Assistant) and Hospital Nursing and Midwifery Director Jacquie Smith.

Call out for hospital volunteers.

Tourist attraction just down the road

Pelican feeding every day at Labrador.

Demand for acreage lots pushes up property prices

Property values in Cooroy have increased 25%

Property values jump in Cooroy and Peachester.

How a sacked real estate agent made $725k in four months

Agent is now under investigation by the industry watchdog

RBA warns of future apartment oversupply

Toowoomba: Crest Apartments and Burke & Wills, Ruthven Street ( view from Neil Street) Photo Bev Lacey / The Chronicle

RBA says oversupply of apartments poses risk to household finances