The changes take effect today
ANZ, New Zealand’s largest bank, is slashing a range of its home loan interest rates, effective today.
Read more: ANZ increases forecast of house price fall
ANZ cut its special one-year rate from 5.35% to 4.99%, which meant a difference of about $50 a week on a $500,000 mortgage over 25 years.
The bank’s special 18-month rate, meanwhile, was reduced from 5.65% to 5.29%, Stuff reported.
Standard rates, which usually apply to people with less than 20% equity, were dropping by 20 to 36 basis points for terms between six months and 18 months.
The bank’s three-year special and standard rates were trimmed by 30 basis points, taking the special rate to 5.69%.
Read next: Easing in labour market conditions critical to stop rate hikes
The bank said it would pass savings on to customers when it could despite the volatile wholesale rates and the expected increases in the OCR.
“Interest rates will continue to be reviewed in response to international and local market conditions,” ANZ told Stuff.
