ANZ cuts variable rates by 0.20%

ANZ announced it will reduce interest rates for variable rate mortgages by 0.20% p.a. effective 21 December 2012.

ANZ’s new standard variable mortgage rate will be 6.40% p.a. (6.50% p.a. comparison rate) with the reduction to save variable mortgage customers about $10 per week for the average home loan of $250,000.

ANZ CEO Australia Philip Chronican said: “This month we assessed a wide range of factors in reaching our decision including the impact of the lower Cash Rate on domestic funding sources, continuing competition for deposits, the international funding environment and our competitive position.”

ANZ said that variable rates for small business lending would also decrease by 0.20% p.a. effective 21 December.

Source: ANZ

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