ANZ has cut its interest rates ahead of quarterly inflation statistics being released on Thursday.
The change — due to come into effect on Tuesday, April 15 — was the second time the bank has adjusted its rates since the Official Cash Rate was reduced by 25 basis points last week.
For fixed home loans, ANZ has reduced its six-month rate by 40 basis points to 6.09%, and the one-year rate by 30 basis points to 5.59%. The bank’s 18-month rate has also been reduced by 20 basis points to 5.59%.
The two, three, four and five year rates were left unchanged.
Some of ANZ’s special fixed rate home loans were also adjusted. These rates were available to customers with a minimum of 20% equity and an ANZ transaction account with salary direct credited.
The six-month special rate was reduced 40 basis points to 5.49%, the one-year rate was reduced by 30 basis points to 4.99%, and the 18-month rate was reduced b 20 basis points, and is now also 4.99%. The two and three year fixed special rates were left unchanged.
ANZ was also reducing all term deposit rates.
The 30 day, 120 day, 180 day, 210 day, 240 day and 18-month rates were all reduced by 25 basis points.
Meanwhile, the 60 day, 90 day, 150 day and 270 day rates were all reduced by 30 basis points.
The one-year and four-year rates were reduced by 20 basis points, and the two-year, three-year and four-year rates were reduced b 20 basis points. The five-year rate was reduced by 15 basis points. A term deposit required an investment of at least $10,000.
Last Wednesday, the Reserve Bank reduced the Official Cash Rate to 3.5%.
Banks were quick to react, and ANZ was among several banks to reduce its floating home loan rates at the time.
