ANZ and National cut mortgage rates 20-50 bps

ANZ and National cut mortgage rates 20-50 bps
The ANZ and National banks have announced cuts to their fixed and variable mortgage rates that range from 20 to 50 basis points.  Both ANZ and National have cut their variable mortgage rates by 50 basis points to 10.45%, but their fixed mortgages have been cut by less than the 50 basis point cut in the Official Cash Rate by the Reserve Bank yesterday. There is one exception though. The National Bank has come out with a special 30 month fixed rate of 8.30%, which takes it below the 8.49% offered by Kiwibank, which was the previous low for the market. Both the Kiwibank and National bank special rates are limited to loans with a maximum loan to value ratio of 80%. The 2 year rate of 8.7% being offered by ANZ and National is also 20 basis points lower than the rate of 8.9% being offered by ASB and Westpac. ANZ and National cut that rate 25 basis points, while ASB and Westpac only cut their key 2 year rates by 5 basis points. BNZ's 'classic' rate of 8.79% is also below that of ASB and Westpac and was cut 30 basis points. Here are the full rates below as announced by ANZ and National. The full list of comparable rates from all the banks is available here on our mortgage rates table.  ANZ Variable Rate: The Variable Housing Rate will reduce 50 basis points from 10.95% to 10.45%. This will come into effect Monday 15 Sept 08 for new customers, and Friday 10 October for existing customers Fixed Term Rates (ANZ) - effective Monday 15 Sept 08. Term Current Rates Changes New Rates 6 months 9.75% -0.50 9.25% 1 year 9.20% -0.21 8.99% 18 months 8.95% -0.20 8.75% 2 years 8.95% -0.25 8.70% 30 months 9.20% -0.50 8.70% 3 years 9.10% -0.40 8.70% 4 years 9.10% -0.20 8.90% 5 years 9.10% -0.20 8.90% The National Bank Variable Rate: The Variable Housing Rate will reduce 50 basis points from 10.95% to 10.45%. This will come into effect Monday 15 Sept 08 for new customers, and Friday 10 October for existing customers Fixed Term Rates (The National Bank) - effective Monday 15 Sept 08. Term Current Rates Changes New Rates 6 months 9.75% -0.50 9.25% 1 year 9.20% -0.21 8.99% 2 years 8.95% -0.25 8.70% 30 month special rate (80% LVR) 8.30% 3 years 9.10% -0.40 8.70% 4 years 9.10% -0.20 8.90% 5 years 9.10% -0.20 8.90%  

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