Sliding wholesale rates have opened the gate for ANZ to drop its key 1 year fixed ‘special’ rate.
• ANZ has reduced 1-yr ‘special’ rate by -6 bps to 4.39%, beating all banks except for the HSBC Premier offer.
• However, its carded fixed 2 year rate has moved up to 4.79%, a +4 bps rise that puts it in line with all its main rivals.
• It also raised its standard rates for both terms – 1-yr rate is +14 bps higher to 4.89% & 2-yr rate is +4 bps higher to 5.29%.
• This change, especially for the 1 year rate, has been helped by soft, even falling, wholesale swap rates.
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