ANZ National sharpens rate for Chch borrowers

Hard on the heels of slashing its one-year fixed mortgage rate nationally, ANZ National Bank has launched a 4.55% one-year fixed rate for Christchurch residents and committed to lend up to $500 million as part of a package of measure aimed at supporting the residential rebuild in the quake devastated city.

Friday, May 11th 2012, 10:59AM

by Jenny Ruth

The Christchurch rate is now the lowest one-year rate in the market, beating Kiwibank's 4.99% rate "special" for those with at least 30% equity.

Earlier this week, ANZ cuts its standard one-year fixed rate to 5.25% from 5.65%, citing cheaper longer-term wholesale rates. If rates change, the special Christchurch rate will remain at 70 basis points below ANZ's national one-year rate.

ANZ retail managing director Kerri Thompson says the package is available to those building or rebuilding a property in Christchurch. The bank is also holding a series of free moving home seminars offering advice on the complex legal, property and financial issues in the post-quake environment, Thompson says.

"Many people in Christchurch are now tackling tough decisions on building or fixing their damaged properties as they seek to get into homes and get their lives back on track as soon as possible," she says.

Those taking up the offer must take out new lending of at least $100,000 and complete their building work by December 31, 2013. The special rate applies only to that new lending. Those not ready to build yet can still register for the package before June 30. ANZ is offering $1,000 cashback towards the building work.

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