ANZ has become the first of the big banks to reduce lending rates since the Reserve Bank decided to reduce interest rates.

In a move that surprised stakeholders, ANZ passed on the full 25 basis-points cut to customers earlier today.

ANZ's new standard variable mortgage rate will be 6.8% and becomes effective next Friday.

The move puts pressure on the other three major banks: Westpac, Commonwealth and NAB to act in accordance.