ANZ has now moved to reduce its home loan rates after finding itself left behind following recent rate cuts by its rivals.
It has cut every rate, although none of the resulting levels are market-leading.
It's 'specials' have been changed to 4.35% for one year fixed and 4.49% for two years fixed.
These represent reductions of -14 and -16 bps respectively.
ANZ's 'special' conditions require 20% equity, and ANZ transactional account with salary direct credited, and "any ANZ credit card or insurance".
Neither rate is market-leading, which is not an unusual position for ANZ who has the largest home loan book in New Zealand.
They have made no change to their Floating and Flexible interest rates, but they have cut all their standard fixed rates.
These reductions are all -10 to -15 bps except for the six month rate which was only cut -4 bps to 5.15%.
Recent movements in wholesale rates have been trending down to allow these reductions.
In fact 2 year swap rates are at their lowest level since late 2012, while two year fixed mortgage rates are at their all-time lows.
Earlier today, HSBC launched one and two year fixed rates at 4.25% for its Premier customers. These are the market leaders now.
Borrowers should always negotiate for lower than carded rates, especially if you have equity of 20% or greater.
Talking to your bank's main rivals and knowing what they will offer is the best way to start negotiations with your bank.
See all banks advertised, or carded, residential mortgage rates here.
These new fixed mortgage rates now compare across all banks as follows:
| below 80% LVR | 6 mths | 1 yr | 18mth | 2 yrs | 3 yrs | 5 yrs |
| % | % | % | % | % | ||
 |
5.15 | 4.35 | 4.95 | 4.49 | 5.10 | 5.35 |
 |
4.85 | 4.35 | 4.49 | 4.49 | 4.79 | 5.09 |
 |
4.99 | 4.35 | 4.39 | 5.19 | 5.35 | |
 |
5.19 | 4.49 | 4.59 | 4.85 | 5.35 | |
 |
5.39 | 4.99 | 5.15 | 4.49 | 5.19 | 5.65 |
 |
5.19 | 4.49 | 4.59 | 4.59 | 4.85 | 5.35 |
 |
5.39 | 4.25 | 4.25 | 4.99 | 5.29 | |
|
4.99 | 4.49 | 4.69 | 4.55 | 4.79 | 5.29 |
 |
5.29 | 4.55 | 4.69 | 4.49 | 4.79 | 5.50 |
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