ANZ say just 0.19pp will be passed on to borrowers

ANZ say just 0.19pp will be passed on to borrowers
ANZ say just 0.19pp will be passed on to borrowers

ANZ Bank is the only big four bank that will not pass on the Reserve Bank's 0.25 percentage point reduction in official interest rates to home loan customers, blaming the decision on higher funding costs.

ANZ Bank will instead reduce its home loan rates by 0.19 of a percentage point, with its benchmark rate for owner-occupiers falling to 5.37 per cent.

ANZ's move came after National Australia Bank, Westpac, Commonwealth Bank and Bank of Queensland said they would pass on the full RBA cut to their home loan customers.

ANZ posted a 24 per cent slump in profit and cut its dividend on Tuesday.

It suggested its decision struck the right balance between the interests of customers and shareholders. 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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Home Loans Mortgages

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