ANZ CEO Australia Philip Chronican told ANZ’s BlueNotes news site earlier today: “We’ve decided to move our standard variable rate for home loans down by 25 basis points which is the same as the movement in the Reserve Bank’s official cash rate.
“We’ve tried to have a more open discussion with the community about bank funding costs. It’s true that wholesale funding costs have eased a little bit over the last year or so and that’s taken a little bit of the pressure off.
“Importantly the effective date for this change will be 12 February which is a full eight days earlier than most of our major competitors and I think that’s an important customer benefit,” Mr Chronican said.
For a full interview with Philip Chronican see www.bluenotes.anz.com