A new record-low for interest rates

Newspapers being printed on commercial printer

ANZ has slashed its rate to a new record low.

In a conversation with NZ Herald recently, Geoff Bascand, Deputy Governor of the RBNZ, drew attention to the fact wholesale rates have dropped for banks. Yet this reduction in price hadn't been passed on to their customers in the form of lower home loan interest rates. It seems that some are starting to listen.

Yesterday, ANZ dropped its one-year interest rate to a record low 2.79% and two-years to 2.95%. This may be the first time that one of the top 5 banks has dropped their rates below the likes of HSBC and China Construction Bank.

ANZ is the first, and it won't be long until the other big banks follow suit and drop their own rates. Will 2.79% be the lowest, or can rate go down even further? We’ll be keeping our eyes peeled.

View all of the latest mortgage rates here.

How does this impact me?