ANZ leaves standard variable rate unchanged at 6.4% following independent review

ANZ has left its standard variable rate unchanged following its March interest rate review - despite new funding costs easing.

ANZ’s standard variable mortgage rate remains at 6.40% per annum (6.50%pa comparison rate).

This follows the RBA leaving the cash rate unchanged at 3% on Tuesday.

“Each month we assess a wide range of factors affecting the ANZ Group and our retail customers as part of the interest rate review. This month those factors included the funding environment and our competitive situation," said ANZ CEO Australia Philip Chronican.

We have seen some easing of new funding costs from both wholesale markets and domestic deposits over recent months which has taken some of the pressure off what had been a relentless rise in funding costs since late 2007.

“Combined with other factors however, the range of ongoing pressures saw the ANZ Group’s net interest margin fall slightly in the first quarter of our 2013 financial year.

“At the same time ANZ’s mortgage lending remains competitively priced for our customers and well below one of our larger competitors.”

Variable interest rates for small business lending also remain unchanged.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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