ANZ is giving up its near-market-leading home loan one year fixed rate, raising that rate by +10 bps to 4.35%.
That makes its new offer unremarkable compared with its main rivals although it still has a 4 bps rate 'advantage' over ASB, BNZ and Westpac for that term.
At the same time it is reducing its 4.65% two year fixed rate offer by -10 bps to 4.55%.
This two year rate is not remarkable either, but it does leave Westpac alone with a 4.65% rate.
These changes come after Kiwibank cut a range of rates a week ago today. Kiwibank's new rates are much sharper. ANZ's move doesn't undermine any of Kiwibank's new positions.
ANZ's standard rates also changed by the same +10 / -10 bps shifts.
ANZ's 'specials' (which also include a 4.99% three year fixed rate) all require their three usual conditions: at least 20% equity; and an ANZ transactional account with salary direct credited; and if you are a new ANZ customer, at least one other 'product' (like a credit card, KiwiSaver, insurance, or the like).
Here is the full 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|
|as at March 23, 2018||%||%||%||%||%||%||%|
In addition to the above table, BNZ has a fixed seven year rate which is 6.15%.
And TSB still has a 10-year fixed rate of 6.20%.