Australia and New Zealand Banking Group cut fixed mortgage rates on Friday, the ...
SYDNEY - Australia and New Zealand Banking Group cut fixed mortgage rates on Friday, the last of the country’s growth-starved big banks to do so in recent weeks as they chase new customers amid lower funding costs.With profit growth weakening along with property prices, the lower fixed rates are a cheaper way to lure new borrowers than more costly cuts to variable rates, which are a much bigger part of their mortgage book.
ANZ, the country’s third-biggest lender, is offering the biggest cuts to its three- and five-year fixed-rate products for owner-occupiers paying interest only, according to an ANZ statement sent to Reuters. Fixed rates are often used by borrowers to lock-in a price for a portion of their mortgage. The rate cuts apply mainly to new fixed-rate loan products, which represent about 20% of inflows, according to brokers CLSA.
If the RBA does cut rates this year, as rate traders expect, banks would come under pressure to move variable rates lower, analysts say.
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