Australian bank lowers fixed rates for home loans
Updated
One of Australia's largest banks, the ANZ, has announced it's reducing its fixed rates for home and residential investment loans because the cost of funding its loans has eased.
ANZ's fixed rates will fall by between point-one-one and half-of-one-per-cent - depending on the term of the loan.
The bank has not been able to rule out lifting variable rates even if the Reserve Bank cuts rates as expected.
But a spokeswoman for the bank Cherelle Murphy says it's possible that the easing of conditions that have allowed it to lower fixed rates, could also flow through to variable rates.
"In the event that lower rates are sustained, there is a possibility that this will flow on to variable rates however that is unlikely to occur until we see what the Reserve Bank does with the cash rate and then look at market conditions at that point in time. "
