ANZ is the second bank to announce today that they will cut home loan interest rates, following the Reserve Bank's one per cent cut to official rates.
Within hours of the RBA announcement both Westpac and ANZ have said they will pass on the rate cuts in full to customers.
The standard variable mortgage rate from ANZ is now 5.91% and is effective from February 13.
"As market conditions allow, we will continue to pass on further reductions in funding costs to our customers," a spokesperson said
ANZ said deposit rates and interest rates for credit cards, personal loans and business lending are under review.
Earlier today the RBA announced the official cash rate would fall by one per cent to 3.25% and straight away Westpac announced they would pass on the cut in full, bringing their variable home loan rate down to 5.91% and their credit card rates are coming down too.
Other major banks and lenders have yet to comment on any potential rate reductions.
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