ANZ lowers rates by more than the RBA's own cut
ANZ has trumped the other big four banks by lowering its standard variable rate by more than the Reserve Bank's 25 basis points cut.
The bank announced on Friday morning it was lowering its variable mortgage rate by 0.27% to 6.13% - the equal lowest of the big four banks with NAB.
Westpac, Commonwealth and NAB each passed the RBA cut on in full earlier in the week, bucking a recent trend of only rewarding customers with a partial reduction to their home loan rates.
ANZ CEO Australia Phillip Corcoran said the bank had considered a range of factors in making the decision to go further than the RBA, including a reduction in funding costs.
The reduction means a person with a $300,000 will save about $70 per month.Australia's cash rate of 2.75% is the lowest it has been in more than 50 years.