ANZ National slashes variable mortgage rates

ANZ National are cutting its variable mortgage rate from 10.45 percent to 9.45 percent, cutting the rate by a full one percent, this cut will be effective for existing and new customers from November 21. This is to reflect the move made by the Reserve Bank of New Zealand who cut the Official Cash Rate (OCR).

ANZ will also cut its ANZ Flexiplus rate from 10.7 percent to 9.7 percent this will also be effective from November 21 for both existing and new customers.

ANZ National is New Zealand’s largest bank, and ANZ is one of its two brands. The move will please customer as it’s been an issue in many countries where the official cuts have not been passed onto the customers by the banks.

The Reserve Bank of New Zealand’s governor Alan Bollard cut the OCR rate to 6.5 percent on Thursday, prior to the cut it stood at 7.5 percent.

Historically Variable mortgage rates have been at high premiums to the OCR, but generally most borrowing in New Zealand has been down on fixed-term mortgage rates.

Source: nbr