ANZ has announced a small mortgage rate cut to the key 1 year fixed rate - but as a softener for an eventual hike.
It is dropping its one-year fixed home loan rate to a market-leading 5.19% p.a "for a limited time".
At the end of that "limited time" it says the rate will rise to 5.45%.
Its rate until the end of business today is 5.25%.
ANZ Retail Managing Director Kerri Thompson said the special rate would be available from Saturday, 16 March and would be the lowest one-year rate "of the major banks".
“As New Zealand’s largest home lender, we’re committed to helping as many Kiwis into their own homes as possible,” Thompson said.
“In addition to this special rate, customers who take out a home loan of more than $100,000 will receive $1,000 cash to spend on whatever they want.
“All home loan customers, new or existing, will also go into our monthly draw in which 10 customers win back their mortgage repayments for a year, and 20 customers will win $2000 cash.”
ANZ also announced it was reducing its 3-year, 4-year and 5-year home loan rates, also effective 16 March.
The rate changes announced today are:
| Fixed term ... | Old rate | change | New rate |
| % | % | % | |
| 6 months | 5.25 | +0.20 | 5.45 |
| 1 year limited time Special | 5.25 | -0.06 | 5.19 |
| which will revert to ... | +0.20 | 5.45 | |
| 18 months | 5.49 | 0.00 | 5.49 |
| 2 years | 5.39 | +0.06 | 5.45 |
| 3 years | 5.90 | -0.10 | 5.80 |
| 4 years | 6.20 | -0.10 | 6.10 |
| 5 years | 6.60 | -0.30 | 6.30 |
This positions the ANZ rates among the New Zealand banks as follows:
| 1 yr | 2 yrs | 3 yrs | 4 yrs | 5 yrs | |
| ANZ | 5.19% | 5.45% | 5.80% | 6.10% | 6.30% |
| ASB | 5.45% | 5.45% | 5.75% | 5.95% | 6.25% |
| BNZ | 5.25% | 5.40% | 5.90% | 6.20% | 6.50% |
| Kiwibank | 5.25% | 5.25% | 5.65% | 5.99% | 5.99% |
| Westpac | 5.25% | 5.40% | 5.90% | 5.99% | 5.99% |
| Co-op Bank | 5.25% | 5.35% | 5.75% | 5.99% | |
| HSBC Premier | 4.99% | 4.99% | 4.99% | 5.50% | 5.75% |
| SBS / HBS | 5.25% | 5.30% | 5.65% | 5.99% | |
| TSB Bank | 5.25% | 5.30% | 5.90% | 6.10% | 6.50% |
Kiwibank has one lower rate; it has a six month fixed rate of 4.79%.
TSB Bank also has a lower rate; it has a Special 15 month offer of 4.95%.
All the latest mortgage rate offers for all institutions are here »
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