ANZ has lowered most of its fixed mortgage rates, particularly affecting those with less than 20% equity. The majority of its special rates have also been reduced, with the most substantial cuts occurring in one-year terms.
Both the special and standard rates decreased by 0.16%, making the one-year special rate at 6.19%.
The six-month special rate is now 6.75%, the eighteen-month rate is 5.89%, and both the two-year and three-year rates stand at 5.69%.
Meanwhile, the one-year standard rate is set at 6.79%. The six-month rate is currently 7.35%, the eighteen-month rate is 6.49%, and both the two-year and three-year rates are at 6.29%. Additionally, the four- and five-year rates are now 6.19%.
Alongside mortgage rates, ANZ has also cut term deposit rates for investments exceeding $10,000 across various durations between 180 days and five years.
The adjustments include:
These rate cuts come in anticipation of potential changes to the official cash rate (OCR) by the Reserve Bank of New Zealand (RBNZ). Westpac has projected that the RBNZ may lower the OCR by 50 basis points to 4.75% during its upcoming review on October 9, with another expected reduction to 4.25% in November.
