ANZ Cuts Fixed Rates by Up to 0.7%, More Drops Expected Before Christmas

According to a report by Australia's Channel 9 News on October 11th, ANZ has become the last major Australian bank to reduce its fixed interest rates.

Based on an analysis by Canstar, ANZ has lowered its fixed interest rates for terms ranging from 1 to 5 years, with the maximum reduction reaching 0.7%.

Previously, National Australia Bank (NAB) had reduced rates on July 22nd and October 8th, while Westpac and Commonwealth Bank of Australia (CBA) followed suit on August 21st and August 23rd, respectively.

Canstar's Data Director, Sally Tindall, stated: "For months, ANZ has been on the sidelines regarding fixed interest rates, while other major banks have been busy lowering rates. Now, ANZ is following the lead of the other three major banks in reducing rates."

Specifically, ANZ's owner-occupied fixed interest rates have been reduced by up to 0.6%, and the reduction for investment fixed interest rates can reach 0.7%.

At present, ANZ's lowest fixed interest rate is less than 6%.

Canstar noted that in the past month alone, a total of 42 lending institutions have reduced their fixed interest rates.

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The lowest fixed interest rate on the market comes from SWS Bank, which offers a three-year fixed rate of 4.99%.

Tindall remarked: "Even after this rate reduction, ANZ's minimum fixed interest rates for two and three years are still at 5.99%, which is still higher compared to the market rates of 5.39% and 4.99%, respectively.""In just one week, two of the four major banks have already reduced their fixed interest rates, but this cycle of interest rate cuts may not be over yet. It is expected that fixed interest rates will continue to decline before Christmas."

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