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Big bank home loan war as ANZ slashes fixed rates to 2.68%
Australia’s fourth largest lender, ANZ, has today slashed its fixed rate home loans by up to 0.86 per cent.
The lowest advertised rate from ANZ is now 2.68 per cent on its two-year fixed rate package loan for owner-occupiers paying principal and interest. This is the second equal lowest two-year fixed rate in the RateCity.com.au database.
ANZ has cut their two-year investor rate to 2.88 per cent for people paying principal and interest. This is now the lowest two-year fixed rate for investors on RateCity.com.au.
RateCity research shows over 30 lenders have cut fixed home loan rates this year, including Australia’s largest bank CBA, which made cuts across the board last Friday.
BIG FOUR BANK FIXED RATES – HOW THEY COMPARE
Owner occupier, principal and interest
| CBA | Westpac | NAB | ANZ | |
| 1 year | 2.99% | 3.19% | 3.19% | 2.98% |
| 2 year | 2.99% | 2.88% | 2.88% | 2.68% |
| 3 year | 2.99% | 2.88% | 2.98% | 2.88% |
| 4 year | 3.19% | 3.39% | 3.19% | 3.08% |
| 5 year | 3.19% | 3.39% | 3.19% | 3.08% |
Notes: The above rates are the banks' lowest fixed rates in each category. Some LVR restrictions apply.
TODAY’S ANZ FIXED RATE CHANGES
Owner occupier fixed package rates, principal and interest
| Old rate | New rate | Change | |
| 1 year | 3.28% | 2.98% | -0.30% |
| 2 year | 2.98% | 2.68% | -0.30% |
| 3 year | 2.98% | 2.88% | -0.10% |
| 4 year | 3.53% | 3.08% | -0.45% |
| 5 year | 3.53% | 3.08% | -0.45% |
Owner occupier fixed package rates, interest only
| Old rate | New rate | Change | |
| 1 year | 3.89% | 3.78% | -0.11% |
| 2 year | 3.69% | 3.48% | -0.21% |
| 3 year | 3.69% | 3.68% | -0.01% |
| 4 year | 4.14% | 3.88% | -0.26% |
| 5 year | 4.14% | 3.88% | -0.26% |
Investor fixed package rates, principal and interest
| Old rate | New rate | Change | |
| 1 year | 3.69% | 3.18% | -0.51% |
| 2 year | 3.29% | 2.88% | -0.41% |
| 3 year | 3.29% | 3.08% | -0.21% |
| 4 year | 3.94% | 3.28% | -0.66% |
| 5 year | 3.94% | 3.28% | -0.66% |
Investor fixed package rates, interest only
| Old rate | New rate | Change | |
| 1 year | 3.99% | 3.28% | -0.71% |
| 2 year | 3.49% | 2.98% | -0.51% |
| 3 year | 3.49% | 3.18% | -0.31% |
| 4 year | 4.24% | 3.38% | -0.86% |
| 5 year | 4.24% | 3.38% | -0.86% |
Source: RateCity.com.au. Rates include ANZ Breakfree discount.
RateCity.com.au research director Sally Tindall said the big banks were now officially in a rate war.
“On the back of CBA’s changes last week, ANZ has upped the ante by offering up some of the lowest fixed rates out of the big four banks,” she said.
“ANZ isn’t just competing against the other big banks. By offering one of the lowest two-year fixed rates on the market, the bank has its sights on challengers big and small to help regain its market share.
“As was the case with CBA last week, the biggest cuts were reserved for investors paying interest only, who, after spending the last few years in the wilderness, are being increasingly welcomed back into the fold by the banks,” she said.
Lowest fixed rates on RateCity.com.au
| Fixed term | Lender | Rate |
| 2 years | Goulburn Murray Credit Union | 2.50% |
| 3 years | Well Home Loans | 2.68% |
| 5 years | St. George Bank | 2.84% |
Disclaimer
This article is over two years old, last updated on February 21, 2020. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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Product database updated 16 Nov, 2024
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