New Zealand’s largest bank has trimmed several of its fixed home loan interest rates, bringing all its special rates for terms between six months and three years below 5%.
ANZ’s six-month fixed special rate has dropped by 15 basis points to 4.99% – the lowest since 2022 – while the two-year fixed special has been cut by 14 basis points to 4.75%. The three-year fixed special now sits at 4.99%, down 10 basis points.
ANZ NZ general manager for homeowners Emily Mendes Ribeiro said the move reflects the highly competitive nature of the current mortgage market.
“It is an incredibly competitive home loan market, and Kiwis are taking charge, switching banks at record levels in pursuit of the best rates and service,” she said.
“We’re competing hard to meet that demand and deliver great value to our customers.”
Mendes Ribeiro said most borrowers could lock in a fixed rate themselves using the bank’s goMoney app or by contacting ANZ directly.
“We’re making it easier for customers to act quickly and confidently in a fast-moving market,” she added.
This time last week, the Reserve Bank announced reducing the Official Cash Rate to 3%. It also signalled two further reductions were likely this year.
Finance Minister Nicola Willis welcomed the cut and noted about 40% of fixed mortgages were due to come up for repricing in the next six months.
