ANZ cuts fixed rates as the home loan market heats up

Liz Seatter

Liz Seatter

May 10, 2019( 2 min read )

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ANZ has today dropped rates across several fixed rate home loans, becoming the last of the big four banks to slash fixed rates in recent weeks. 

Australia’s fourth largest bank has cut between 0.20 per cent and 0.60 per cent off owner occupier and investor fixed loans.

This brings them into line with their big four competitors as ANZ vies for a greater share of the home loan market.

Also today, Macquarie Bank, Australia’s eighth largest home lender has slashed variable rates on a range of products by up to 0.51 per cent.

Its lowest ongoing variable rate, available to new owner occupiers paying principal and interest with a 30 per cent deposit, is now 3.69 per cent – a drop of 0.12 per cent.

This means Macquarie is now offering a lower variable rate than the big four banks and sits alongside international bank HSBC, who is offering the same rate, for new customers.

“With more competitive pricing, Macquarie Bank has seen an 18.4 per cent growth in their home lending year on year, according to the most recent data from APRA.” said Sally Tindall, research director.

“The move by ANZ today comes as no shock. Some of their fixed rates were sticking out like a sore thumb. Now ANZ has some of the most competitive 3 and 5-year fixed rates available from the big four banks.”

Big four banks owner-occupier fixed rates

Big four banks Fixed 2 year Fixed 3 year Fixed 5 year
ANZ 3.75% 3.69% 3.99%
CBA 3.79% 3.79% 4.09%
NAB 3.69%* 3.79% 4.09%
Westpac 3.79% 3.69%* 4.09%

*First home buyer special. Note Interest rates are for owner-occupiers paying principal and interest (P&I) including Breakfree discount.

ANZ fixed rate changes

2-year cut 2-year new rate 3-year cut 3-year new rate 5-year cut 5-year new rate
Owner occupier (P&I) 3.75%  -0.30% 3.69% -0.20% 3.99%
Owner occupier (Interest only) -0.20% 4.29% -0.60% 3.99% -0.59% 4.50%
Investor (P&I) -0.06% 3.89% -0.20% 3.99% -0.26% 4.19%
Investor (Interest only) 4.18% -0.30% 4.19% -0.04% 4.95%

Note: Effective 10/05/2019.  Rates include ANZ Breakfree discount.

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