Photo: RNZ / Marika Khabazi
ANZ bank has cut some of its fixed home loan and term deposit rates again.
The country's banks have been slicing interest rate offerings since a dovish statement by the central bank in July pointed to sooner than expected rate cuts.
After the Reserve Bank cut the official cash rate to 5.25 percent last week, banks have continued to drop rates.
ANZ's latest home loan cuts include a 40 basis point drop on the one year special rate to 6.45 percent, and a 50 basis point drop on the 18 month rate to 5.99 percent.
Its one year rate is the best available on the market for that term.
ANZ has also cut term deposit rates with all changes effective from 20 August.
The bank had previously cut interest rates in July and August.
Minutes after the RBNZ cut the OCR last week, Kiwibank reduced various lending and deposit rates.
ASB reduced all interest rates across its fixed and floating lending rates by 25 basis points.
Westpac also cut floating home loan, business lending and deposit rates by 25 basis points.
Wholesale interest rates have been falling recently as financial markets surmised the OCR might fall for the first time in four years.
The RBNZ started increasing the cash rate in late 2021 in response to high inflation and peaked at 5.5 percent in May 2023.
However, in recent months, economic data shows inflation is slowing.
