ANZ passes on RBA rate cut in full with 5.88% standard variable rate from August

ANZ has announced it will pass on the full RBA 25 basis point cash rate cut to its variable rate borrowers following its monthly independent interest rate review.

Effective August 16, ANZ’s standard variable rate will reduce to 5.88% per annum (5.98% comparison rate).

The decrease will save customers about $58 per month or $700 per year for the average home loan of $280,000, says ANZ.

It means all the major banks have now passed on the rate cut in full, with Westpac passing on 28 basis points to bring it nearer in line with its rivals.

Lender

New standard variable rate

Effective date

NAB

5.88%

August 12

ANZ 5.88% August 16

Commonwealth Bank

5.90%

August 14

Westpac

5.98%

August 19

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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