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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; [email protected]

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIA AND NEW ZEALAND BANKING GROUP 0.40% 27.87 End-of-day quote.-1.50%
COMMONWEALTH BANK OF AUSTRALIA 0.40% 69.87 End-of-day quote.-12.56%
NATIONAL AUSTRALIA BANK LTD. 0.11% 26.89 End-of-day quote.-7.81%
WESTPAC BANKING CORP -0.60% 28.29 End-of-day quote.-7.97%
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Financials ( AUD)
Sales 2018 19 652 M
EBIT 2018 10 354 M
Net income 2018 6 841 M
Debt 2018 -
Yield 2018 5,76%
P/E ratio 2018 11,91
P/E ratio 2019 11,67
Capi. / Sales 2018 4,11x
Capi. / Sales 2019 4,09x
Capitalization 80 788 M
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Australia and New Zealand  Technical Analysis Chart | ANZ | AU000000ANZ3 | 4-Traders
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Number of Analysts 14
Average target price 29,8  AUD
Spread / Average Target 7,1%
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Managers
NameTitle
Shayne Cary Elliott Chief Executive Officer & Executive Director
David M. Gonski Chairman
Michelle Jablko Chief Financial Officer
Gerard Florian Group Executive-Technology
Hsien Yang Lee Independent Non-Executive Director