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ANZ National Lowers Variable Home Loan Rate

Fuseworks Media
Fuseworks Media

Wellington, Jan 21 NZPA - ANZ National is lowering its variable home mortgage rates.

The standard variable rate for ANZ and Thoroughbred floating rate for National Bank both drop to 7.5 percent from 8.2 percent, effective from January 22 for new customers and February 16 for existing customers.

Earlier this week Bank of New Zealand said it was cutting its standard variable rate to 7.49 percent.

Banks have dropped both fixed and floating mortgage rates as wholesale interest rates fall, and ahead of an expected cut in the Official Cash Rate by the Reserve Bank on January 29.

Short-term fixed mortgage rates are set to drop below longer term one, returning New Zealand to a more normal pattern, the Dominion Post reported today, citing economists.

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