Home loan rates lowest on record

Saturday, 10 November 2018, 11:31 am
Press Release: ANZ Bank

Home loan rates lowest on record

New Zealand’s largest home loan lender, ANZ Bank New Zealand, has today announced its lowest home lending interest rates on record – 3.95% p.a. for a fixed one-year term[1].

The 3.95% p.a. 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[2].

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,” Ms 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.”

Ms Watson said fixed two-year rates would also drop – down from 4.35% p.a. to 4.29% p.a.

“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.

• 1-year special rate from 4.15% p.a. to 3.95% p.a.

• 2-year special rate from 4.35% p.a. to 4.29% p.a.

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[1] Lending, terms and conditions apply.

[2] Based on estimates of the average standard variable floating mortgage rate sourced from the RBNZ website.

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