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May 10th, 2013 
Peter Nolan 
ANZ has cut its home loan interest rates by 0.27 of a percentage point.
Source: AAP
ANZ bank has cut its home loan interest rates by 0.27 of a percentage point – more than cuts made by its big rivals and by the central bank at its May board meeting.
The cut takes ANZ’s standard variable rate on mortgages to 6.13 per cent, the same as that offered by National Australia Bank.
The Reserve Bank of Australia cut the cash rate by a quarter of a percentage point on Tuesday, and NAB, Westpac and Commonwealth Bank all made an identical cut to their rates.
CBA’s standard variable rate is 6.15 per cent, while Westpac offers 6.26 per cent.
ANZ Australia chief executive Philip Chronican said lower overall funding costs had allowed the bank to cut by more than the RBA’s cut.
“This month we reviewed a range of factors including the Reserve Bank’s decision to decrease the official cash rate this week, our competitive position and a recent easing in the cost of our wholesale funds,” he said in a statement.
ANZ’s new rate is effective from May 17.
Its rates on business loans will be cut by a quarter of a percentage point.
The central bank’s cash rate now stands at 2.75 per cent.
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