Westpac and ANZ joins rivals in not passing full rate cut to customers | clancyyeates laura_r_chung
Westpac and ANZ Bank have joined rivals in defying Treasurer Josh Frydenberg's plea for the banks to pass on the full interest rate cut to customers, saying the decision took into account a "low-interest rate environment."
Mr Lindberg said the announcement would help customers waiting to get ahead on home loan repayments and for those looking to enter the property market.Meanwhile, ANZ said it would lower rates by between 0.14 per cent for owner-occupiers paying principal and interest repayments, and 0.25 per cent for property investors paying principal and interest repayments.
"We have also announced a new fixed rate of 2.98 per cent per annum for home owners paying principal and interest with either two or three year terms available from tomorrow. This is the lowest residential rate on record for ANZ,” Mr Hand said.
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