The ANZ bank has passed on the RBA’s full 25-basis-point rate cut, bringing its standard variable mortgage rate down to 5.88%.
The new rate is effective next Friday 16 August. ANZ’s policy is to review interest rates on the second Friday of each month, with changes introduced the following Friday.
CBA, Westpac and NAB announced plans to cut their rates within hours of the RBA’s cash rate announcement on Tuesday afternoon, with new rates to come into effect on Wednesday 14 August, Monday 19 August and Monday 12 August respectively.
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