ANZ has today played their hand in the interest rate game. They have decreased interest rates by 0.37%. This is average across the majors and smaller lenders. It is understandable to note that customers, both existing and those searching in the market place are disappointed that the full 0.5% cut was not passed on.
Lenders have highlighted the volatility in the wholesale funding market and general uncertainty for not passing on the full cut. It will be interesting to read the RBA’s minutes next week to see their comments and future forecasts.
The important thing for customers to do is to have their current rates, product and fees reviewed. There are many great specials that are in the marketplace today that could make a significant difference to your household budget.
Current standard variable rates of the four major banks as at the 11/5/12 are –
NAB – 6.99%
CBA – 7.01%
ANZ – 7.05%
Westpac – 7.09%