AU ANZ passes on Reserve Bank's rate cut in full
Property Here - Friday, August 09, 2013
ANZ has followed the other major banks and passed on the Reserve Bank's rate cut in full.
The bank today slashed its standard variable rate to 5.88 per cent - making it the joint lowest with National Australia Bank.
After the meeting of the bank's interest rate committee, ANZ Australia chief executive Phil Chronican said the decision was taken to pass on the RBA 0.25 per cent cut in full as a result of the economic conditions on our customers.
"In making our decision this month, we took into account our cost of funding, our competitive positioning and the impact of economic conditions on our customers," he said.
The decision comes after the RBA on Tuesday lowered the official cash rate to 2.5 per cent - its lowest level in 53 years in a bid to boost demand as the mining investment boom slows.
Earlier this week, Westpac gave its customers a cut of 0.28 per cent in a bid to play catch-up with its rivals as it has the highest SVR.
NAB and the Commonwealth cut rates by 0.25 per cent.
ANZ has also lowered its lending rate for seal businesses by a similar amount.
by 0.25 per cent.
Read more: http://www.news.com.au/money/cost-of-living/anz-passes-on-reserve-bank8217s-rate-cut-in-full/story-fnagkbpv-1226694134216#ixzz2bq9zRhLC