Will ANZ Top Australia's Big Four Banks With Home Loan Rate Cut?
Three of the Big Four banks in Australia—National Australia Bank, Westpac and Commonwealth Bank of Australia—have cut the interest rates for their home loan customers this week, on the heels of Joe Hockey’s insistence that the banks pass on the savings to customers with home loans, business loans and credit cards.
CBA was the first of the Big Four to pass on Tuesday’s interest rate cut to home loan customers: its standard variable rate was reduced by 0.25 percentage points to 5.65 percent. Westpac lowered its SVR by 0.28 percent—although the bank still advertises a high rate at 5.7 percent. Westpac has shared that on a $300,000 mortgage, the cut to the monthly loan repayments is $52 a month.
The Big Four banks in Australia have been quick to lower home loan rates after Treasurer Joe Hockey's suggestion.
But NAB has blown all of the other banks out of the water, offering a SVR of 5.63 percent, its lowest in nearly 40 years. The new rate, which will be effective February 20th of this year, will save NAB customers $62.50 a month on their mortgage payment.
Smaller outfits like ME Bank, ING Direct and Bank of Queensland were some of the first to pass on the savings. Since then, Maitland Mutual, Newcastle Permanent and Greater Building Society have followed in suit. Big four subsidiaries St. George, BankWest and Bank of Melbourne will also pass on the 25 basis points reduction.
The big question now is whether The Australian and New Zealand Banking Group—more casually known as ANZ—will follow in step with the rest of the Big Four. With the Treasurer’s insistence and most of its equal doing so, it would be silly of the company to not lower their rates as well. ANZ is actually in a place of power: if the bank can afford to offer the lowest home loan rate, home loan rate applications could increase.
Information sourced from Sunday Morning Herald.
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.