ANZ cuts variable rates for new customers as competition heats up

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The ANZ told mortgage brokers they were bringing down their basic principal and interest home rate for owner-occupiers by 0.34 percentage points to 3.65 per cent.

The ANZ offer only applies to new customers looking for a loan valued at 80 per cent or less than the value of their property.

Loan-to-value ratios above 80 per cent remain unchanged at 3.99 per cent.

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ANZ cuts variable home loan rate for customers as competition heats up

 

It is bound to happen. Plenty of people with proved track record, on descent incomes around, looking for alternatives
...

 

It's only good if people can refinance. They'll probably increase it back up again once they've met their target.

 

I see... So not for existing ANZ customers?

 

No love for IP loans then?

 

Investors are the ones who "ruined" the economy. We are in the naughty corner and being punished with higher interest rates.

 

Fixed IP rates have improved with Breakfree Package. eg: P&I 2yr = 3.95% that's what I am considering.

 

looks more of a marketing exercise to get new customers.

 

:Surely only a matter of time before the other big banks follow suit.

 

Assuming this is similar to the CBA Extra or Economiser Loan - nice low attractive rate at the start, which ends up going up. Bankwest style?

 

Commbank just did similar albeit as they were already lower than ANZ at time they dropped 10 bais points on a lot of products.

 

Existing client benefit as well.

 

Cynic or Realist?

Now who's being cynical?

 

How do existing clients benefit @Illusivedreams?

 

I called my client manager following announcement and 1 of my loans was reduced to match the new lower rate.

In saying that 3 of my loans were negotiated some weeks and fixed. All being better rates.
So Commonwealth has in my case looked after existing clients as well

 

That's good to hear @Illusivedreams !

 

Economiser is going.