ANZ slashes fixed home loan rates to 'well beyond historic lows'

ANZ today announced it would drop its fixed rate loans to "well beyond historic lows."

A file image of property in Wellington. Source: 1 NEWS

The fixed one-year fixed home loan rate is being offered at 2.79% p.a.

In a statement ANZ says it will also offer fixed-rate specials on 18-month (3.05% p.a), 2-year (2.95% p.a) and 3-year (3.35% p.a) term loans.

The new rates will be available from May 21 and will take fixed home loan rates “well beyond historic lows” said Ben Kelleher, ANZ Managing Director Retail and Business Banking.

ANZ slashes fixed home loan rates - 'lowest ever offered by a major bank in NZ'

“These new rates reflect a new reality where many home loan customers are facing uncertain times and our commitment to keeping rates as low as possible to help ease the pressure,” Mr Kelleher said.

“Putting more money back in the pockets of customers will enable them to repay debt, or support the wider New Zealand economy as the country recovers from restrictions brought on by Covid-19.”

ANZ says no decision had been made on how long the rate would be available and it would largely depend on market conditions.