ANZ will be quicker to announce any rate change
ANZ refrained from changing its variable interest rates for its home loans in its hastened July monthly review.
Its standard variable home loan rate remains at 5.88% per annum (5.98% per annum comparison rate).
But the ANZ has announced, while sticking to a formal monthly review, that it will now come quicker - by the Friday following the Reserve Bank of Australia’s board meeting, not the second Friday.
“The change to the timing of our monthly review follows consistent customer feedback that they would like to understand the outcome of our interest rate review process earlier in the month in line with our competitors,” the ANZ chief Philip Chronican said.
“Given the more predictable international economic environment and the greater stability that exists in offshore funding markets we are now in a position to assess the impact of any RBA decision along with the other drivers of funding costs in a more timely way,” Mr Chronican said.
The ANZ went solo in late 2011 with its second Friday monthly review following a statement in December 2011 that the bank would announce any changes to variable mortgage rates for retail mortgages and small business lending on the second Friday of each month
The other big banks have stuck to erratically making announcements without any formal timetable following official RBA cash rate announcements that come on the first Tuesday of the month.
The latest ANZ interest rate change was announced last August lowering interest rates for variable rate mortgages by 0.25% per annum following its monthly interest rate review.