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- ANZ cuts variable rates, doubles down as lowest among big four
ANZ cuts variable rates, doubles down as lowest among big four
ANZ has today cut the rates on its Plus and Simplicity Plus home loans by up to 0.15 percentage points, but only for new customers.
ANZ already offered the lowest advertised variable rate among the big four banks, however, it is doubling down on its position with today’s cut.
Note that the ANZ Plus home loan is a digital home loan for refinancers only.
Today’s changes to ANZ variable home loans
Old rate from | New rate from | Change | |
ANZ Plus | 6.14% | 6.09% | -0.05% |
ANZ Simplicity Plus | 6.54% | 6.39% | -0.15% |
Source: RateCity.com.au Note: Rates are for owner-occupiers paying principal and interest. Loan-to-value ratio requirements apply. ANZ Plus is a digital home loan for refinancers only.
Today’s changes from ANZ follow similar moves by two other big four banks:
·CBA cut its lowest new customer variable rates by up to 0.15% points in August
·NAB cut its lowest new customer variable rates by up to 0.40% points last Thursday.
Big four banks: lowest advertised rates
CBA | Westpac | NAB | ANZ | |
Variable | 6.15% | 6.44%, 2 yrs then +0.4% pts | 6.44% | 6.09% |
1 year | 6.39% | 6.09% | 6.29% | 6.14% |
2 year | 6.29% | 5.89% | 6.04% | 5.74% |
3 year | 5.89% | 5.89% | 5.89% | 5.74% |
4 year | 6.29% | 5.89% | 6.24% | 5.89% |
5 year | 6.69% | 5.89% | 6.29% | 5.99% |
Source: RateCity.com.au. Note: rates are for owner-occupiers paying principal and interest. Deposit requirements apply. * rates are for CBA and ANZ’s digital-only home loans.
The RateCity.com.au database shows:
Around 20 lenders have cut at least one variable home loan rate in the last two months.
Only three lenders have hiked variable rates in that time
There are now more than 40 lenders with a variable rate under 6%.
RateCity.com.au money editor, Laine Gordon, said: “One year after launching its digital home loan, ANZ is doubling down on its position to offer the lowest advertised variable rate among the big four.”
“There may be no RBA rate change on the cards for 2024, but competition in the home loan market is alive and kicking,” she said.
“In the last three months, big four competitors CBA and NAB have both cut variable home loan rates. The notable exception is Westpac, which is yet to move its variable home loan rates this year.
“ANZ has now thrown down the gauntlet to secure its hold in a bid to win new customers.
“Around 20 lenders have cut variable rates in the last two months, while just three have hiked on selected products.
“However, for most borrowers there’s a catch. The vast majority of these variable rate cuts are reserved for new customers, so anyone looking for a rock bottom rate will have to switch lenders, or at least haggle with their current bank,” she said.
Lowest variable home loans on the RateCity.com.au database
Lender | Adv. rate from: |
Abal Bank | 5.75% |
Police Bank, Bank of Heritage Isle, Border Bank* | 5.84% |
Bank of China | 5.88% |
The Mutual Bank | 5.89% |
RACQ | 5.89% |
Source: RateCity.com.au. Note: rates are for owner-occupiers paying principal and interest. Deposit requirements apply, excludes green loans, lowest variable excludes introductory rates. *First home buyers only.
Compare home loans in Australia
Product database updated 26 Nov, 2024
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