ANZ announces rate decision

Following ANZ’s first out of cycle interest rate pricing assessment, the bank has left its standard variable rate for retail mortgages and small business lending unchanged, at 7.3 per cent.

ANZ  last month said the bank would announce any changes to these rates on the second Friday of each month, rather than in response to the Reserve Bank monthly announcement.

ANZ says the Bank funding costs are now largely unrelated to movements in the Reserve Bank’s official cash rate.

ANZ  are intending on reviewing key variable lending rates each month. Anz say it allows them to more accurately reflect the sustained changes in funding costs they incur through the interest they pay to customers for their deposits and to investors in wholesale money markets.

To me this just seems like a publicity stunt as I cannot see them moving rates up against the other majors. If they were to do this I would suggest their customers would refinance to a better deal.


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