Wellington, July 25 NZPA - Another bank has lowered mortgage rates, following the Reserve Bank's decision to lower the Official Cash Rate (OCR) yesterday.

ANZ National said that from tomorrow its one-year rate would drop to 9.2 percent from 9.4 percent, with its two-year rate dropping to 8.95 percent from 9.2 percent.

Yesterday the ASB Bank said it was dropping its two-year fixed rate to 8.95 percent, after Reserve Bank Governor Alan Bollard sprang something of a surprise when he cut the OCR to 8 percent from 8.25 percent.

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