Bruce Patten: Loan Market CEO on ANZ cutting its home loan and term deposit rates

Other banks are expected to follow suit as ANZ drops its mortgage rates from today.  Its standard one-year fixed home loan rate's dropping by 14 basis points to 5.25%, while the two and three-year rates will be cut by 20 basis points.  The move comes after Westpac cut its longer-term home loan rates last week.  Loan Market CEO Bruce Patten told Mike Hosking banks are all a bit quiet at the moment.  The mortgage advisor says they had a really busy period before Christmas and then the Iran war kicked off in February, so he thinks the move is an attempt to stir up business.  LISTEN ABOVE See omnystudio.com/listener for privacy information.