Photo: RNZ / Nate McKinnon
ANZ is cutting some of its fixed home loan and term investment rates.
It will cut its 18-month fixed rate by 10 basis points to 4.89 percent, which the bank said was the lowest since April 2022.
The six-month special drops 20bps to 5.29 percent.
Grant Knuckey, managing director for personal banking, said the changes would provide relief for customers taking on new home loans and for those that are 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," he said.
"For example, our 1-year home loan special rate has fallen from 7.39 percent in March 2024 to 4.95 percent - that's a drop of nearly 2.5 percent."
The bank will also cut its term investment rates by between five and 15 basis points.
Banks started cutingt their interest rates last week, ahead of the official cash rate announcement.
BNZ was offering a 4.95 percent rate for one year and two years and 4.89 percent for 18 months.
Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
