ANZ cuts variable mortgage rates by 0.25%pa

ANZ today announced it will lower interest rates for variable rate mortgages by 0.25%pa following yesterday’s decision by the Reserve Bank of Australia to reduce the Cash Rate.

ANZ CEO Australia Philip Chronican said: “We’re acutely aware that many of our customers are doing it tough and despite higher funding costs we’re pleased to be able to pass on the reduction in the Cash Rate in full.”

Effective 14 November 2011, ANZ’s new standard variable rate will be 7.55%pa (7.65%pa comparison rate)¹.

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