ANZ rate cut puts squeeze on rivals ANZ has increased the pressure on its rivals by cutting home loan rates by more than the Reserve Bank's cut, in an aggressive bid to lift its share of the lucrative $1.3 trillion mortgages market. In a surprise move that showed the extent of the easing in the banks' funding costs, ANZ lowered its standard variable rate by 27 basis points yesterday, more than the RBA's 25-basis-point cut to the official cash rate to a record low on Tuesday.