by Susan Edmunds
It follows a prediction earlier in the week from Westpac chief economist Dominick Stephens that Reserve Bank governor Graeme Wheeler's dovish tone in the official cash rate announcement would lead to lower mortgage rates.
Stephens said Wheelers's comments, which indicated that an OCR rate cut was no longer impossivble, had prompted a drop in swap rates. He said that could lead to lower mortgage rates.
“This will stimulate the housing market further, an unhelpful development for the RBNZ.”
ANZ Retail Managing Director Kerri Thompson said the special rate would be available from Saturday and would be the lowest one-year rate of the major banks.
However she also said that once this campaign finishes ANZ will increase its one year rate to 5.45%. Last week the rate was 5.25%.
“As New Zealand’s largest home lender, we’re committed to helping as many Kiwis into their own homes as possible,” Thompson said.
“In addition to this special rate, customers who take out a home loan of more than $100,000 will receive $1000 cash to spend on whatever they want.
“All home loan customers, new or existing, will also go into our monthly draw in which 10 customers win back their mortgage repayments for a year, and 20 customers will win $2000 cash.”
ANZ has also reduced its 3-year, 4-year and 5-year home loan rates.
A spokesman said the one-year rate applied to new and existing customers.
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