ANZ Bank will cut their mortgage rates by 0.27%, a bigger margin than this week’s official cash rate cut of 0.25%. This is the first time since the 1990s, that a major bank has given borrowers a bigger reduction than the Reserve Bank.

ANZ’s mortgage rate will be equal to the standard variable rate charged by NAB, the current holders of Australia’s cheapest advertised mortgage rates.

For more information, please see http://www.smh.com.au/business/anz-outdoes-rivals-with-deeper-rate-cut-20130510-2jbwi.html