The move sees ANZ cut owner-occupier principal-and-interest rates on its basic home loan, bringing the rate down by 34 basis points to 3.65 per cent. This is now the lowest ongoing variable rate offered by a big four bank.
Sally Tindall, research director at RateCity.com.au, said it was a surprising move from ANZ to buck the rate-hike trend.
“This is a big win for consumers because one of the big four banks is now playing at the pointy end of the home loan market,” she said.
“It’s a huge move from ANZ who now offers the lowest ongoing variable rate from one of the major banks.
“It shows that the bank is competing hard to get new customers as non-banks threaten their market share.
“This comes at a time when the market was expecting ANZ to hike rates and not cut them, and the Royal Commission has turned the playing field on its head,” she said.
Lowest ongoing advertised variable home loan rates – big four banks
|Company||Product||Advertised rate||Comparison rate|
|ANZ||Simplicity Plus Home Loan Owner Occupied (principal and interest)||3.65%||3.69%|
|NAB||Base Variable Rate Home Loan (principal and interest)||3.69%||3.73%|
|Commonwealth Bank||Extra Home Loan (principal and interest)||3.99%||4.00%|
|Westpac||Premier Advantage Package Rocket Repay Home Loan (principal and interest)||4.34%||4.72%|