The bank announced it will reduce its standard variable rates by 20bps effective next Friday. The move takes the bank's variable rate to 6.60%, the same as CBA and lower than Westpac's 6.71%, but higher than NAB's 6.58%.
ANZ Australia CEO Philip Chronican stated
“While this increase in competition is benefiting the majority of our customers through historically high deposit rates relative to the cash rate, last week’s decision from the RBA has provided some scope to once again reduce our variable lending rates,” he said.
Major Banks Standard Variable Rates
ANZ - 6.60%
CBA - 6.60%
NAB - 6.58%
WBC - 6.69%
But remember the Standard Variable is half of the story.
The real story is:
1. What discount can you get - ie the Actual Rate you pay
2. What are the other Fees
3. What features will the loan have
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