ANZ has trimmed most of its fixed home loan interest rates.
Most of its cuts are not to market leading levels, but its new one year fixed rate 'special' is.
At 2.79%, it is the lowest fixed mortgage interest rate, and matched the current offer from the Bank of China.
And at that level, it is at least -20 bps lower than any of its main rivals.
But its one year rate isn't the only cut by ANZ.
Its eighteen month rate is down by -15 bps to 3.05%. This is not an especially competitive level.
Its two year fixed rate is down by -30 bps to 2.95%. That is a competitive rate, lower than any of its main rivals.
Its three year 'special' is down -64 bps to 3.35%. But that rate isn't too different to the 3.39% offered by BNZ and Westpac.
ANZ have also cut its four and five year rates but these were never competitive and the new levels aren't either.
Their announcement wasn't paired with any announcement on term deposit rate changes - but savers can be almost certain more cuts are coming in a day or so.
ANZ did say: “As always, we will be working hard to balance the needs to borrowers and savers in setting new deposit rates, although this is challenging in the current low-interest-rate environment.”
Here is the full snapshot of the advertised lowest fixed-term rates on offer from the key retail banks at this time.
| Fixed, below 80% LVR | 6 mths | 1 yr | 18 mth | 2 yrs | 3 yrs | 4 yrs | 5 yrs |
| as at May 21, 2020 | % | % | % | % | % | % | % |
| ANZ | 3.65 | 2.79
|
3.05
|
2.95
|
3.35
|
4.45
|
4.55
|
 |
3.89 | 3.05 | 3.25 | 2.99 | 3.69 | 3.79 | 3.89 |
 |
4.79 | 3.05 | 3.05 | 2.99 | 3.39 | 3.49 | 3.59 |
 |
4.29 | 2.99 | 3.39 | 3.65 | 3.99 | 4.09 | |
 |
4.79 | 3.05 | 4.25 | 2.99 | 3.39 | 3.49 | 3.59 |
| Bank of China | 3.89 | 2.79 | 2.89 | 2.89 | 3.19 | 3.79 | 3.89 |
| China Construction Bank | 4.70 | 2.80 | 2.85 | 3.19 | 3.30 | 3.45 | |
| Co-operative Bank | 3.09 | 3.09 | 3.35 | 3.35 | 3.69 | 3.79 | 3.89 |
| Heartland Bank | 2.89 | 2.97 | 3.39 | ||||
| HSBC | 3.49 | 2.80 | 2.85 | 2.89 | 3.50 | 3.60 | 3.70 |
| ICBC | 4.29 | 3.18 | 3.18 | 3.18 | 3.20 | 3.99 | 3.99 |
 |
3.89 | 3.09 | 3.39 | 3.39 | 3.69 | 3.79 | 3.89 |
 |
3.89 | 2.89 | 3.35 | 3.35 | 3.69 | 3.79 | 3.89 |
In addition to the above table, BNZ has a unique fixed seven year rate of 5.20%.
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