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ANZ gets in on mortgage interest rate cuts

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ANZ gets in on mortgage interest rate cuts

By: Blair Cunningham | Business News | Sunday May 20 2012 6:13

 

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

 

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