ANZ cuts home loan rate to 17-year low
Wed, 09 May 2012 4:42p.m.
Home loan lender ANZ has cut its one-year mortgage rate taking it to its lowest point in 17 years.
The bank, which this month announced profits for its New Zealand arm of $684 million for the last six months, is now offering a fixed 12-month home loan at 5.25 per cent, taking 0.4 per cent of its previous rate.
"There's currently a window for cheaper longer term wholesale interest rates that ANZ is taking advantage of and we're passing this on to customers," ANZ's retail managing director Kerri Thompson said.
She said it was ANZ's lowest rate since at least 1995 and it would be reviewed daily.
The bank is also cutting a term deposit rate, reducing the six-month rate by 0.30 per cent to 4 per cent.
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10/05/2012 12:22:08 a.m.
5.25%... lame, kiwibank has 4.99%
9/05/2012 6:07:28 p.m.
Good on you ANZ, hope it is a help to people in Christchurch. I don't mind the cut in my interest rate, too small to make much difference.
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