ANZ has announced cuts to some of its fixed home loan and term investment rates.
The country’s biggest bank will cut its 18-month fixed rate by 10 basis points to 4.89% — its lowest rate since April, 2022.
The six-month special and standard terms will drop 20 basis points to 5.29% and 5.89% respectively.
Twenty basis points will be cut from its standard four and five-year home loan rates, as well as the special three-year term.
The bank’s one-year special term would drop four basis points to 4.95%.
ANZ managing director for personal banking Grant Knuckey said the changes would provide relief for customers taking on new home loans and for those due to refix.
“The vast majority of ANZ NZ customers are on fixed rates, and they’re seeing the benefits of the falling interest rate environment.”
The new rate would be effective from tomorrow.
The official cash rate was cut by the Reserve Bank to 3.25% last week in a widely-anticipated move to its lowest rate since October 2022.