More mortgage interest rate cuts are on the way.
ANZ National Bank will drop its fixed 18-month and two-year rates tomorrow, by between 30 and 34 basis points.
It follows a week of rate slashing by all the main banks, which was sparked by the two sister banks cutting their one-year fixed rate, in a bid to attract more borrowers.
Customers have now been alerted to an 18-month deal at 5.55 percent, with the two-year rate falling to 5.49 percent.
The Bank says continued turmoil overseas and lower wholesale rates have made it possible to pass on the savings.
Photo: NZ Herald