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Date Published : Friday, August 08, 2008
ANZ Bank has announced cuts to the interest rate of its fixed mortgage products by up to half a percentage point, it has been revealed.
The Age reports that the cut will apply to fixed-rate home loans and home investment loans, with cuts of between 11 and 50 basis points in store.
Under the adjusted rates, the interest on a one-year fixed-rate loan will fall to 8.99 per cent, while fixed-rate lending on a seven-year deal will be cut by 50 basis points to 8.99 per cent also.
The changes do not affect ANZ's variable rate deals, the publication said.
In a statement, the bank said: "These changes will enable ANZ to offer our customers some very competitive fixed rates."
The Melbourne-based bank's move indicates that lenders and financial markets are readying themselves for a reduction in the official interest rate by the Reserve Bank of Australia, the news service added.
Yet ANZ managing director of mortgages Michael Rowland previously told a parliamentary committee hearing there was no guarantee that his bank would follow an RBA cut with a reduction of its own because of the increased cost of lending due to the worldwide credit crunch.
"We would like to cut those interest rates but we will have to assess what is happening to our funding costs at that time," Mr Rowland told federal officials.
The news comes after new monthly figures from the Australian Bureau of Statistics showed demand for fixed-rate loans fell to its lowest level in over two years in June, as they accounted for 11.7 per cent of all new mortgages.
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