ANZ has reduced variable home loan rates on its Plus and Simplicity Plus products by up to 0.15 percentage points, but only for new customers, RateCity.com.au reported.
Latest changes to ANZ variable home loans
|
|
Old rate from |
New rate from |
Change |
|---|---|---|---|
|
ANZ Plus |
6.14% |
6.09% |
-0.05% |
|
ANZ Simplicity Plus |
6.54% |
6.39% |
-0.15% |
Source: Ratecity.com.au. Note: Rates are for owner-occupiers paying principal and interest, LVR requirements apply. ANZ Plus is a digital home loan for refinancers only.
Already offering the lowest advertised variable rate among the big four banks, ANZ has strengthened its lead with this latest move.
The ANZ Plus home loan is a digital product exclusively for refinancers.
ANZ’s rate cuts come on the heels of similar actions by other major players.
The competition highlights the growing effort among lenders to attract new customers amid a steady interest rate environment.
Big four banks: lowest advertised rates
Source: Ratecity.com.au. Note: Rates are for owner-occupiers paying principal and interest. Deposit requirements apply. Rates are for CBA and ANZ’s digital-only home loans.
“One year after launching its digital home loan, ANZ is doubling down on its position to offer the lowest advertised variable rate among the big four,” said Laine Gordon (pictured above), money editor at RateCity.com.au.
Gordon noted that while the Reserve Bank (RBA) is expected to keep rates steady for 2024, competition among lenders remains robust.
“Around 20 lenders have cut variable rates in the last two months, while just three have raised them,” she said.
Despite the cuts, most reductions are targeted at new customers, leaving existing borrowers at a disadvantage.
“To secure a better rate, most borrowers will need to switch lenders or negotiate with their current bank,” Gordon said.
With more than 40 lenders now offering variable rates under 6%, ANZ’s latest move underscores the fierce battle for borrowers in the competitive home loan market.
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