ANZ cuts Standard variable mortgage rate from 6.45% to 5.69%

ANZ has said its 'Standard' variable mortgage rate customers currently paying 6.45% are able to move down to its 5.69% 'Simple' rate, after the bank removed the 80% loan-to-value ratio (LVR) requirement for the Simple rate. However, borrowers who have a LVR over 80% may still be subject to a 'low equity premium' between 0.2% and 1.25%. ANZ said it would contact customers currently on the 6.45% rate to advise them of the change. Subsequently, customers can also change their rate by contacting the bank. New variable rate customers are able to pick the 5.69% rate. See and compare all mortgage rates here.