ANZ will keep its home mortgage rates on hold following the Reserve Bank of Australia’s (RBA) Melbourne Cup day decision to leave the cash rate unchanged.

The bank’s standard variable rate remains at 5.88 per cent per annum, after the RBA’s overnight rate was left at a record low of 2.5 per cent.

ANZ’s small business lending rates are also unchanged.

Australia’s banks have previously raised their lending rates when the cash rate has been left unchanged.