ANZ takes rates below 4%

ANZ has announced its lowest home lending interest rates on record – 3.95% for a fixed one-year term.

Saturday, November 10th 2018, 11:41AM 2 Comments

Antonia Watson, ANZ

The 3.95% is for a fixed one-year term and ANZ believes it’s the lowest home loan rate to be offered by a main bank in New Zealand since just after the Second World War.

ANZ Managing Director Retail and Business Banking Antonia Watson said New Zealanders traditionally started to look to buy their new homes or trade up from around November, so the rate would be for a limited time.

“While the froth has come off the top of house sales, particularly in Auckland, there is still strong demand for homes,” Watson said.

“The economy is also going strong - inflation and unemployment is low, there’s growth in the provinces and tourism is booming.

“ANZ is New Zealand’s number one home lender and in the current competitive environment we want to make sure that we are supporting our customers into homes.

“All of these factors have led to us moving fixed one-year rates down, which can only be good for those looking to buy a house.”

ANZ has also dropped its two-year rates from 4.35% to 4.29%.

SEE HOW ANZ's RATES STACK UP HERE

“Around 80% of ANZ customers have fixed rate home loans, with a significant portion fixing for one year. This offer has the potential to benefit a large number of our customers.

“New Zealand’s low cash and inflation rate, and confidence in the stability of the economy has driven this.

“It’s unclear how long low rates will remain given uncertainties in the international environment.”

The limited time special rates will run from Sunday, 11 November 2018 to Sunday, 2 December 2018, available for home loan customers with a minimum 20% equity.

See how it compares here, where we have sorted the rates table from lowest to highest on the one-year term.

Tags: ANZ

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Comments from our readers

On 10 November 2018 at 12:53 pm Sooky1 said:

There are going to be some very sad situations when Interest rates start their next climb to the Sky, like everything that is on the bottom!! there is only one way and that is up, and being retired and involved with term deposits we can't wait for interest rates to increase, simply because we are getting nothing for the use of our money, of which the beneficiaries are the Banks and the Government, in fact the Banks are no different than the water bottling companies, they get their raw product for next to nothing and make squillions a really sad situation!!! we the depositors should withdraw all of our funds put them in a suitcase under the bed and watch the result, our result would be very close to what we are getting after the IRD has taken it's cut next to nothing, roll on interest rate rises!!!!!!!

On 12 November 2018 at 10:37 am roger@gannon.co.nz said:

Sooky1 Your comments are a bit short sighted. There are other ways of receiving higher investment returns without over exposure. Talk to an AFA and fund out.

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