ANZ have restarted the mortgage skirmishes, and in earnest.
The country's largest mortgage bank has cut its one year fixed rate to 2.55%.
And their new 18 month rates is now down to 2.65%.
Both of these new rates are market leading. The new one year rate matches the Bank of China's already low rate at this level. Their new eighteen month rate at 2.65% is a level already occupied by ASB, Bank of China, China Construction Bank and HSBC, all as the lowest for that term.
Further, they have trimmed their 6 month, two year and three year fixed rates although none of those are market-leading.
At the same time, ANZ has cut between -5 bps and -10 bps from almost all its term deposit rates.
And it is also worth noting that so far, no main bank, in fact no other bank, has followed Kiwibank with its full and impressive -1.00% cut to its floating rate.
One useful way to make sense of these new lower home loan rates is to use our full-function mortgage calculators.
And if you already have a fixed term mortgage that is not up for renewal at this time, our break fee calculator may help you assess your options.
Here is the updated snapshot of the lowest advertised fixed-term mortgage 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 July 8, 2020||%||%||%||%||%||%||%|
|Bank of China||3.45||2.55||2.65||2.65||2.75||2.85||2.95|
|China Construction Bank||4.70||2.80||2.65||2.65||2.80||2.89||2.99|
|[incl Price Match Promise]||3.39||2.55||2.65||2.69||2.79||2.99||2.99|
In addition to the above table, BNZ has a unique fixed seven year rate of 5.20%, which is unchanged in this update.