Source: Wikimedia Commons.
  • ANZ cuts variable rate to 2.99% across all loan amounts
  • First of the big four banks to cut variable rates since September last year
  • Other banks are likely to follow

ANZ is the first of the big four banks to cut its variable package rate by up to 90 basis points since September last year (in contrast to competition between the big four banks in cutting fixed rates multiple times).

ANZ’s old rates were tiered according to the size of the loan, ranging from:

  • 3.89% for loans between $150,000 and $249,000;
  • 3.59% for loans between $250,000 and $499,000;
  • 3.49% for loans of $500,000.

ANZ now offers a variable package rate of 2.99% across all loan amounts and is available on loans with a loan-to-value ratio of less than 80%.

This variable rate is now the lowest among the big four banks, with Westpac’s rate being 3.19%, NAB’s on 3.67%, and the Commonwealth Bank’s on 3.85%.

“The decrease from ANZ is being passed on to new borrowers by way of increasing the discount applied to its standard variable rate and will not be passed on to existing borrowers.”

Steven Mickenbecker, Canstar Group Executive, Financial Services

“ANZ now offers the lowest package rate among the major banks and it would not be surprising to see others moving down the same path.”

You May Also Like

Westpac sees rates hitting 4.1 per cent and property prices falling further

Westpac said, “2023 will be another challenging year, particularly as the RBA continues to ratchet interest rates higher.”

Home loan hacks: four way to save money on your mortgage

With interest rates expected to keep rising, Compare Club has tips to ease the mortgage pain.

CoreLogic’s guide to navigating a looming ‘fixed-rate cliff’

Many borrowers will feel mortgage pain when they next refinance

How much does it cost to move house?

From cleaning fees to moving services, the costs of moving houses can add up fast

Top Articles

PropertyGuru Asia Property Awards (Australia) returns for its 7th edition, including several brand new award ...

This year's awards include several brand new categories, with entries closing 2 August 2024.

Rentvesting in Australia: A deep dive

Rentvesting offers an alternative path into the property market for priced-out first-time buyers.

Housing crisis survival guide: How to buy your first Australian property

Three property experts give the low down on how to nab a home in this tough housing market.