ANZ cuts fixed home loan rates

[MarkandTina]

Nice start to the weekend ...

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http://www.businessspectator.com.au/bs.nsf/Article/ANZ-cuts-fixed-home-loan-rates-HB8ZA?OpenDocument

ANZ Banking Group Ltd has cut its fixed mortgage interest rates by up to half a percentage point.

But the bank has admitted there is no certainty it will pass on in full any interest rate cut made.

The bank said that rates for fixed rate home loans and residential investment loans will fall across all terms by between 11 basis points and 50 basis points.

"These changes will enable ANZ to offer our customers some very competitive fixed rates," it said.

The new rates apply from Monday August 11.

For example, its one year fixed rate will fall by 11 basis points to 8.99 per cent, per annum.

Its seven year fixed rate will fall by 50 basis points, also to 8.99 per cent.

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Edit: Apologies, I didnt see this posted elsewhere.

 

[BayView]

Very surprised to see this happen so soon.

I thought the evil, evil Banks would hold out for as long as possible.

 

[ianvestor]

Very surprised to see this happen so soon.

I thought the evil, evil Banks would hold out for as long as possible.

The evil ones still are

 

[GoAnna!]

I think they see an opportunity to lock people in while rates are heading down. Smart business if people take up their offer.

 

[annunaki]

Evil Banks

I agree the evil ones are still not budging...St George is one of them....

Anu

 

[natmarie73]

Well I'm with ANZ and their rates were higher than all the other banks in the first place. Their variable rates still are the highest I think.

I'm thinking that they are expecting the official cash rate to start going back down, but whether all the banks follow suit is yet to be seen.

 

[MarkandTina]

While I'm happy to see rates go down, I can't see anyone locking in at this new fixed rate.

We bought our IP using IO variable and plan to wait for fixed rates to bottom out before locking them in long term.