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Competition is heating up in the mortgage market.
ANZ has dropped its one year fixed rate to 5.25 percent, the lowest since 1995.
Kiwibank also has a special 4.99 percent per annum fixed rates, with deposit conditions attached.
ANZ says domestic and international conditions have resulted in a volatile wholesale interest rate markets .
But it says there's currently a window for cheaper longer term wholesale interest rates that ANZ is taking advantage of and passing on to customers.
Photo: NZ Herald