Three mortgage lenders have dropped their interest rates, following the RBA’s announcement to cut the official cash rate by 25 basis points to 2%.
ANZ, ING Direct and ME Bank have all expressed intentions to pass the savings onto their customers.
ANZ said it will lower its standard variable rate by 25 basis points to 5.38% starting 8 May. This will lead consumers to save about $60 per month if they have a home loan of $300,000, the bank said.
“We hope by announcing this decision today we’re able to provide certainty for our customers looking to manage their household budgets, as well as playing our part in supporting the broader economy,” ANZ Australia chief executive Mark Whelan said.
ING Direct followed suit by deducting 25 basis points on its standard variable rate, putting the non-major’s Mortgage Simplifier product at 4.72% starting 15 May.
Meanwhile, effective 22 May, ME Bank is passing the RBA’s rate cut in full to its customers. The non-major’s standard variable rate will be cut to 4.88%. The lender’s member package rate will drop to 4.68%.