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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Australia and New Zealand Banking Group    ANZ   AU000000ANZ3

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ANZ Bank Cuts Standard Variable Home Loan Rate By 37 BPS

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05/11/2012 | 07:23am CEST

Australia and New Zealand Banking Group Ltd. (>> Australia and New Zealand Banking Group) Friday became the last of the nation's big four banks to pass on part of the Reserve Bank of Australia's 50 basis point cut last week.

ANZ said it will cut its standard variable home loan rate by 37 basis points to 7.05% from May 18. That's the equivalent of A$20 a week in interest repayments on an average A$280,000 mortgage, the bank said in a statement.

"We continue to work hard to ensure we are competitive despite sustained funding pressure driven by the high rates we are paying to our 2.9 million deposit customers," said ANZ's Australia chief executive Philip Chronican.

Commonwealth Bank of Australia (>> Commonwealth Bank of Australia), the nation's largest home lender, last week reduced the interest rate on its range of variable home loans by 40 basis points to 7.01% a year. National Australia Bank Ltd. (>> National Australia Bank Ltd.) cut its headline mortgage rate by 32 basis points to 6.99%--the lowest of the big four banks. Westpac Banking Corp. (>> Westpac Banking Corporation) reduced its headline rate by 37 basis points to 7.09%.

The central bank cut its cash rate by 50 basis points to 3.75% on May 1.

-By Caroline Henshaw, Dow Jones Newswires; 61-2-8272-4689; caroline.henshaw@dowjones.com

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Financials ( AUD)
Sales 2016 20 861 M
EBIT 2016 10 012 M
Net income 2016 6 444 M
Debt 2016 -
Yield 2016 6,21%
P/E ratio 2016 11,86
P/E ratio 2017 10,79
Capi. / Sales 2016 3,62x
Capi. / Sales 2017 3,49x
Capitalization 75 437 M
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Mean consensus HOLD
Number of Analysts 17
Average target price 26,1  AUD
Spread / Average Target 1,1%
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Shayne Cary Elliott Chief Executive Officer & Executive Director
David M. Gonski Chairman
Alistair Currie Group Chief Operating Officer
Michelle Jablko Chief Financial Officer
Scott Collary Chief Information Officer
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