ANZ has kept its home loan variable interest rate unchanged, while announcing it will no longer include business loans in its monthly interest rate review.
"ANZ’s monthly interest rate review will in future focus only on variable home loan rates. Business loans for small business will be aligned to ANZ’s separate review process for corporate and commercial banking clients, with any changes advertised nationally," said the bank.
The bank has undertaken a monthly review of its interest rates on the second Friday of every month for for the past two years.
The move will give the bank further latitude to adjust interest rates charged to business borrowers. Indicator lending rates for small business borrowers with term loans have fallen by 175 basis points since 2010.
ANZ’s standard variable home loan rate remains at 5.88%pa (5.98%pa comparison rate).
ANZ’s next interest rate review for variable rate home loans will take place in February 2014.
