ANZ has changed home loan rates lower with some aggressive cuts.
They have cut their one year 'special' to just 3.69%, a market-leading rate for this term. That involves a cut of -16 bps.
They have also cut their six month fixed rate to 4.29, a reduction of -20 bps. The Cooperative Bank has a lower rate, but this is the lowest among their main rivals.
For eighteen months fixed, the cut in their 'special' rate is also -20 bps to 3.99%. ASB has a lower rate.
For two years fixed it is just a minor trim of -4 bps to 3.75%, matching ASB and BNZ. China Construction Bank has a lower rate.
For three years fixed, the have trimmed -6 bps for a new 'special' rate of 3.99%, matching Kiwibank.
'Special' rates are only available to customers with 20% equity or more and who have a transaction account into which wages or salaries are direct credited.
They made similar reductions to their standard rates.
These moves will no doubt draw a response from other institutions.
At the same time, ANZ has cut its term deposit rates across the board by between -10 bps and -25 bps. The key six month and one year TD rates are both down -15 bps. Out to three years all their term deposit offers are below 3% now (except for their eight month 'special').
more soon ...
Here is the full snapshot of the advertised fixed-term rates on offer from the key retail banks.
|Fixed, below 80% LVR||6 mths||1 yr||18 mth||2 yrs||3 yrs||4 yrs||5 yrs|
|as at August 10, 2019||%||%||%||%||%||%||%|
|China Construction Bank||4.70||4.85||3.65||3.90||4.95||4.95|
|Incl price match promise||4.29||3.69||3.89||3.75||3.99||4.35||4.45|
In addition to the above table, BNZ has a fixed seven year rate of 5.95%.