Another Big Four bank slashes interest rates for mortgage holders – as expert says NOW is the time for home owners to take a key step

Australia’s mortgage war heats up as ANZ cuts variable rates – even though the Reserve Bank is not expected to provide any relief until next year.

ANZ has cut interest rates on its home loans by 15 basis points – to 6.09 per cent – ​​the lowest among the banking giants for a variable rate.

This Big Four bank has taken action a week after Commonwealth Bank and NAB also cut their variable rates.

The big banks are now cutting interest rates, even as the Reserve Bank has yet to ease monetary policy.

The latest move is all the more remarkable as Westpac and NAB now predict a rate cut by the RBA in May, while ANZ and CBA predict relief in February.

But borrowers who want even lower interest rates, starting with a “five,” should opt for a fixed mortgage rate.

ANZ offers a rate of 5.74 percent for those who lock in their loan for two or three years – making it the lowest rate among the Big Four banks.

ANZ and Westpac offer the lowest four-year fixed rate of 5.89 percent.