ANZ drops home loan interest rates in Aust.
NZPA-AAP Brisbane The ANZ Banking Group yesterday became the first big bank for 15 months to reduce its home loan interest rate. It announced a cut to 15.25 per cent from 15.50 per cent. But rival bankers and economists with the three other big home lending banks — Westpac Banking Corporation, Com-
monwealth Banking Corporation and National Australia Bank, Ltd, — said they were wary of making “premature cuts.” Westpac and NAB believed a tough September Federal Budget was needed to make commercial interest rates “fall further” and justify a solid and sustainable drop in mortgage rates. NAB predicted other
banks would, however, follow ANZ’s lead.
All agreed ANZ’s cut was “a first step,” although one banker said it might be described as “a little token”' or even “a marketing lure.”
ANZ’s move follows a decision by the banking newcomer, Chase AMP, last week to release $5O million for housing loans at 14.95 per cent.
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Press, 28 July 1987, Page 8
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161ANZ drops home loan interest rates in Aust. Press, 28 July 1987, Page 8
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