From January 2012, ANZ bank review its variable home loan and small business interest rates on the second Friday of each month, with any changes to take effect on the following Friday. Here is ANZ bank May rates decision.
ANZ May rates review - rates reduced by 0.37%
Following ANZ bank May review, ANZ decided to reduce their variable home loan and small business interest rates by 0.37% p.a. It's 0.13 points less than RBA rate cut on May 1.
Effective 18 May 2012, ANZ’s Standard Variable Rate will be 7.05% p.a. (7.15% p.a. Comparison rate^).
The major factors influencing ANZ decision were:
- the Reserve Bank’s decision to reduce the official cash rate has, to a lesser extent, also reduced the cost of our domestic funding sources,
- the ongoing volatility in wholesale money markets and intense competition for deposits are continuing to place pressure on ANZ’s funding costs
- ANZ wants to ensure their products and interest rates remain competitive with other banks, and that ANZ continue providing their customers with value.
The 0.37% p.a. decrease will save customers about $20 per week for the average home loan of $280,000, while small businesses will save $9.25 per week for the average business loan of $130,000.
Please use our Mortgage Calculator to figure out what your next mortgage repayments will be for your situation.
^Comparison Rate calculated on a secured loan amount of $150,000 over a term of 25 years based on monthly repayments.