Following ASB, which cut a rate earlier this week, ANZ has now cut -10 basis points off its two year fixed mortgage offer.
The new 'special' rate is now 4.75%. The new 'standard' rate is now 5.25%.
This move suddenly takes ANZ's offer to be the lowest carded rate for two years for any bank (other than the 4.29% offer by HSBC Premier).
ANZ's 'specials' are available to customers with at least 20% equity, an ANZ transactional account with salary direct credited, plus any ANZ credit card or insurance. 'Specials' are not available with any package discount plans.
The last time ANZ changed a home loan rate was on July 1, 2017 when it raised its one year rate.
Wholesale swap rates have been trending down since July 4, 2017 when they reached 2.38% for a two year term. It is are now at 2.19%. Other than that July spike, the two year swap rate has been under 2.25% since early May.
The last time ANZ changed its two year rate was in early May when it was raised +6 bps from 4.79% to 4.85%. This latest change takes the ANZ two year rate back to where it was in early February 2017.
Update: Westpac has also cut its two year rate. It reduced its 'special' by -6 bps to 4.79% and cut its 'standard ' rate by -10 bps to 5.19%
In addition, yesterday, the Co-operative Bank announced it had trimmed its three year rate to 5.09%, matching almost all other banks for that term.
Here is a snapshot of the fixed-term rates on offer from the key retail banks.
|below 80% LVR||6 mths||1 yr||18 mth||2 yrs||3 yrs||4 yrs||5 yrs|
In addition to the above table, BNZ has a fixed seven year rate which is 6.15%.
And TSB Bank still has a ten year fixed rate of 6.20%.