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RNZ News
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ANZ cuts home loan rate, predictions others will follow
ANZ said it was the lowest rate for the bank since June 2022. (File photo) Photo: RNZ / Marika Khabazi ANZ has trimmed some of its home loan rates - and there are predictions that other banks may soon follow. The country's biggest bank said it would cut its one-year fixed rate special by 16 basis points to 4.79 percent. It said that was the lowest that rate had been since June 2022. The other main banks are advertising 4.89 percent. The six-month special would drop to 5.14 percent and the two-year rate to 4.89 percent. The other banks are offering 4.95 percent for two years. Grant Knuckey, managing director for personal banking, said the changes would provide more relief for customers taking on new home loans - and for those that are due to refix - in what remained a challenging economic climate. "The cuts provide another opportunity for borrowers not already on fixed rates to take advantage of the falling interest rate environment." The bank was also cutting term investments by 10 to 15 basis points. "Savers are bearing slightly less of the fall in interest rates," Knuckey said. "Our rates started to drop from March 2024. In this period, our one-year home loan special rate has fallen by 2.6 percent and our one-year term deposit rate has dropped by 2.4 percent." Infometrics chief executive Brad Olsen said he expected other lenders would match ANZ over the next week. Infometrics chief executive Brad Olsen was ANZ was getting in ahead of the next OCR decision. (File photo) Photo: RNZ / Samuel Rillstone He said ANZ was getting in ahead of the next official cash rate (OCR) decision. "These new rates from ANZ all look to be the market leading rates for these terms now, and other banks will likely to move to regain their competitive position. "The cuts look to be in anticipation of the Reserve Bank cutting the official cash rate at next week's monetary policy statement, with market pricing in a very strong expectation of a cut. Previously offered mortgage rates would have factored in part of this expected lower OCR, and this cut made today likely factors in the potential for a further cut to the OCR, which is looking more likely as economic data remains weak. "I make that point because clearly the way mortgage rates are set isn't as easy as the Reserve Bank cutting the OCR next week by a figure, and then retail banks immediately passing on all of that cut into their mortgage rates. "A lot of factors go into interest rate setting, including the current OCR, the expected pathway for interest rates, a bit of risk around the place, and competition for lending (among others). "ANZ now has the first mover advantage with lower rates." He said markets were pricing in a 90 percent-plus expectation that the OCR would be lowered net week to 3 percent. "Market pricing is also showing a strong expectation that the OCR will drop to around 2.75 percent over the first six months of 2026, although the fact that there's still mixed expectations for another OCR cut in 2025 after August reinforces that there's still a lot of water to go under the bridge." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
