ANZ has dropped its home loan interest rates today, just over one week after the Reserve Bank made an “aggressive” 0.5% cut to the official cash rate.
Before and following the OCR announcement, banks have made moves to ensure their interest rates remain competitive.
Today, ANZ announced changes to some standard and special fixed home loan rates.
The standard six-month (5.39%), 18-month (5.09%) and two-year (5.09%) rates were all decreased.
The standard three-year, four-year, and five-year rates were also lowered to 5.49%.
The standard one-year rate was unchanged at 5.09%.
For special rates, the six-month (4.79%), 18-month (4.49%), two-year (4.49%), and three-year (4.79%) rates were all lowered.
The one-year fixed special rate was unchanged at 4.49%.
ANZ general manager of homeowners Emily Mendes Ribeiro said more than 40% of the bank’s home loan customers were “ahead on payments by six months or more”, meaning they would be paying off their home loans faster than before.
“These rate cuts will help even more New Zealanders get there.”
Along with home loan rates, term deposits were also lowered across the board at the bank.
ANZ said all changes would be effective from Friday, October 17.
