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ANZ cuts variable home loan interest rate by 58bps =3D2

05 Nov 2008 6:14 PM
ANZ cuts variable home loan interest rate by 58bps =3D2

MELBOURNE, Nov 5 AAP - Australia and New Zealand Banking Group Ltd (ANZ)today announced it will lower interest rates for variable rate mortgages by 58 basis points, following the Reserve Bank of Australia's decision yesterday to reduce the overnight cash rate.

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The new interest rate on ANZ's standard variable home loan will be 7.74 per cent per annum, effective 14 November.

Interest rates for credit cards and personal loans will be reduced by up to75 basis points, effective 14 November.

The bank is reviewing deposit rates and rates for business lending.

ANZ chief executive, Australia, Brian Hartzer said ANZ understood that the current economic environment was placing a strain on many households.

"As market conditions allow, we will continue to pass on further reductionsin funding costs to our customers," Mr Hartzer said.

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