ANZ reduces fixed mortgage rates (Update 2)

ANZ has lowered its 3, 4, and 5 year fixed mortgage rates, with a new rate offering below every other main bank, and only beaten by HSBC's 5 year rate. (Updated with the National Bank rate changes, detail on variable rates) The new ANZ rate for 3 year fixed is 7.75%. For four years fixed their rate is 8.19%, and for 5 years fixed it is 8.49%. (HSBC's Premier 5 year rate is 7.99% but there is a high threshhold to qualify for that offer.) However, these rates remain well above ANZ's simple variable rate on 5.69%, which is different from previous years where fixed rates have often been below variable rates. This rate change moves ANZ from among those banks that offer the highest rates at these terms, to the leading position. It comes when wholesale rates are very gradually easing, allowing banks to take more competitive positions, and it comes in advance of the RBNZ OCR review this Thursday. We expect The National Bank will make similar reductions very soon, and we will update this page as soon as we hear of them. The National Bank will also move its 3, 4 and 5 year rates to 7.79%, 8.20% and 8.50% respectively. For a full and comprehensive list of current mortgage rates from all New Zealand financial insitutions, see our mortgage page here.