June 4, 2019 / 4:53 AM / 4 months ago

Australia's ANZ Bank to lower mortgage rates by 18 bps following central bank cut

SYDNEY, June 4 (Reuters) - Australia and New Zealand Banking Group Ltd, the country’s third-largest lender, will cut its standard variable mortgage rate by 18 basis points, the company said on Tuesday, less than the 25-point cut announced by the central bank.

“While we recognise some home loan customers will be disappointed, in making this decision we have needed to balance the increased cost in managing our business with our desire to provide customers with the most competitive lending and deposit rates possible,” ANZ Group Executive, Australia Retail and Commercial, Mark Hand, said in a statement.

Reporting by Byron Kaye; Editing by Stephen Coates

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