Lender drops rate

COMPETITION between the big banks has heated up, with ANZ to drop its fixed- rate loan, offering to match rival Commonwealth Bank’s move last week.

ANZ will today lower rates on new one-to-fiveyear fixed mortgage rates by as much as 0.3 per cent, taking them to the lowest level in a decade.

The decision comes just over a week after the big banks withheld some of the Reserve Bank’s October rate cut from variable rates.

ANZ reduced its standard variable rate by 0.2 per cent — not the full 0.25 per cent.

ANZ’s new one- to-three- year rates will match the CBA offering of 5.39 per cent.