ANZ and National Bank have made considerable cuts to their long-term fixed rates.
ANZ has reduced its three, four and five-years by 24, 31 and 16 basis points respectively. Its new rates are now the lowest offered by a major bank by at least one basis point. ANZ's new four-year rate of 8.19% is now the lowest offered by all lenders in our table, followed closely by ASB, Kiwibank and National Bank with 8.20%.
National Bank has also cut its three, four and five-year rates albeit by a smaller dose. Its three-year rate dropped 16 points to 7.79%, its four-year rate was cut by 30 points to 8.20% and its five-year rate dropped by 10 points to 8.50%.
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