ANZ Bank dropping some home loan rates

Wednesday, 17 July 2024

ANZ Bank is dropping some of its home loan, and term deposit rates.

The move comes after Westpac bank lowered rates last week, and in the hours after Statistics NZ revealed the latest consumer price index data, showing inflation at 3.3%.

The Reserve Bank’s target range for inflation was 1-3%.

ANZ’s decreases in home loans included a 30-basis point drop on the 2-year special rate to 6.49% p.a and a 29-basis point drop on the 1-year special rate to 6.85% p.a.

ANZ NZ managing director for personal banking Grant Knuckey cautioned that inflation wasn’t beaten yet.

“The New Zealand economy is still doing it tough and global markets remain volatile due to geopolitical tensions,” Knuckey said.

“But, following the OCR announcement last week, we’ve seen a drop in wholesale rates so we’re able to pass on savings to our customers.

“For borrowers, we know every dollar counts; so hopefully lower interest rates will provide some relief and support for customers.

“In recent years many people have typically fixed their home loans on shorter terms. That means many will soon be in a position to take advantage of these lower rates.”

The new ANZ rates will be effective from 18 July.

New ANZ Bank home loan fixed rates

6 months: 7.65% p.a

1 year: 7.45% p.a

18 months: 7.29% p.a

2 years: 7.09% p.a

3 years: 6.95% p.a

4 years: 7.14% p.a

5 years: 7.34% p.a

ANZ ‘special’ rates

6 months: 7.05%

1 year: 6.85%

18 months: 6.69%

2 years: 6.49%

3 years: 6.35%