ANZ out-cuts the Reserve Bank, matches NAB rates

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.

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Michael Duncan