ANZ passes on full RBA cut

Lender follows suit with other major lenders and cuts rates by 25bps.

Australia and New Zealand Banking Group (ANZ) has matched the Reserve Bank of Australia and passed on a 25 basis points cut to its interest rates.

In a statement, ANZ said it will reduce interest rates for variable rate mortgages by 25 basis points, effective August 16.

ANZ reviews its rates monthly.

Earlier this week, the RBA lowered the official cash rate to 2.5% following its August board meeting.

The other three major banks – Westpac Banking Corporation (WBC), Commonwealth Bank of Australia (CBA) and National Australia Bank (NAB) – all passed on the full RBA cut, with Westpac exceeding the central bank and delivering a 28 basis points reduction.

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