ANZ leaves variable mortgage rates unchanged in independent review

ANZ has left its standard variable rate unchanged at 6.6% per annum following its November interest rate review.

The decision follows the RBA leaving the cash rate unchanged at 3.25% on Melbourne Cup Day (November 6).

Since January, the bank has being carrying out monthly independent interest rate review on the second Friday of every month on the basis that "bank funding costs are now largely unrelated to movements in the Reserve Bank’s official cash rate.

It's the seventh month in a row that the bank has not adjusted its variable mortgage rates independently of an RBA announcement since moving out of the step with the RBA in January.

On April 13 the bank lifted variable mortgage rates by 0.06 percentage points after the RBA left rates unchanged at its April 4 meeting.

“Despite intense competition for business deposits” the bank says its variable small business lending rates will also remain unchanged.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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