ANZ cuts rates by 0.37 per cent

ANZ on Friday trimmed its standard variable home loan and business lending rates by 37 basis points just a month after it lifted its home and business lending rates by 0.06 per cent.

The cut took the bank's standard variable home loan rate to 7.05 per cent. The move follows the RBA's decision on May 1 to cut the cash rate by a surprising 50 basis points to 3.75 per cent.

The bank said its decision to lower its rates would save customers with a $280,000 home loan about $20 a week. Small businesses with an average loan of $130,000 stand to save $9.25 a week.

Source: Sydney Morning Herald