ANZ announces mortgage rate changes

by Krizzel Canlas20 Sep 2017
New Zealand's largest home loan lender has reduced two of its “special” fixed mortgage rates.

ANZ has trimmed -6 bps off its two year “special” to 4.69%, and it has added a new “special” for a three year term, setting the rate at 4.99%, a report from said.

According to the report, the three year rate involves a -60 bps drop from their standard rate to 5.49%.
The ANZ “specials” will be available to customers with at least 20% equity in their property. Clients will need an ANZ transactional account, with their salary direct credited, and at least one other ANZ product (like insurance, or a credit card, and the like).

SBS Bank also reduced its two year “special” to 4.69%, a -10 bps drop, BNZ increased its two year “special” from 4.69% to 4.75%.

“Maybe BNZ has been looking at the recent swap rate changes and seeing these rising over the past few weeks. The two year swap rate is currently at a six week high. Rates for longer terms are gaining faster,” said.

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