ASB, ANZ, BNZ and National join Westpac, Kiwibank in rate cuts (Updated)
21st Nov 08, 12:49pm
ASB, ANZ, BNZ and National banks have moved to reduce their mortgage rates, following on from cuts by Westpac and Kiwibank on Thursday as the banks move in anticipation of a big cut in the Official Cash Rate by the Reserve Bank of New Zealand on December 4. (Updated to include ASB's, BNZ's cuts) ASB, ANZ and National cut their variable mortgage rates to 8.7% from 9.45%. This brings them into line with Westpac on 8.7%, but remains above Kiwibank's variable mortgage rate on 7.95%. BNZ cut its standard variable rate by 76 basis points to 8.99%. All the banks, apart from BNZ, also cut their fixed mortgage rates. ANZ's lowest rate is 8.2% for 1 year, while ASB's lowest rate is 7.99% for 6 months. BNZ's lowest rate is its 7.99% 'Classic' rate for 1 year, while National bank's lowest rate is 7.9% for 1 year. Westpac's lowest rate is 7.19% for 18 months, while Kiwibank's and TSB's lowest rates are 7.29% for 1 year. See all the current mortgage rates on offer here.