Expert insights Finance ANZ passes on RBA rate cut in full with 5.88% standard variable rate from August
ANZ passes on RBA rate cut in full with 5.88% standard variable rate from August
Larry SchlesingerDecember 7, 2020
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 was a property writer at Property Observer