ANZ has joined the Commonwealth Bank and NAB in dropping its variable home loan interest rate, despite Reserve Bank (RBA) indications that an official interest rate cut remains months away.

The bank already had the lowest advertised variable rate out of the big four banks.

ANZ’s new rates on its Simplicity Plus and ANZ Plus loans for new customers of 6.39 per cent and 6.09 per cent respectively consolidate this lead.

'Big Four Banks' - ANZ Bank, Commonwealth Bank, NAB Bank and Commonwealth Bank.
The ANZ has joined the Commonwealth Bank and NAB in cutting its variable interest rates for new customers. (Supplied)

The move comes a week after NAB slashed its variable interest rate for new customers by 0.40 per cent – an amount equivalent to two rate cuts.

The move is part of a broader pre-Christmas rate cut rush, with a data analysis by Canstar showing 12 lenders have cut at least one variable rate, while just five have hiked rates.

“This is the third big bank to have sliced new customer variable rates in the last three months despite no move to the cash rate,” Canstar’s Data Insights Director, Sally Tindall said.

“This is confirmation the big banks are still fiercely competitive.”

Tindall said the cuts are good news for mortgage holders, suggesting now was a good time for customers to approach their bank to request a more competitive rate.

ANZ still trails the Commonwealth Bank, Westpac and NAB in terms of market dominance, with 13.6 per cent of residential mortgages, but has posted the largest year-on-year increase in residential mortgages.

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