Tuesday, 25 November 2008
BNZ has taken the lead in reducing home loan rates. Its big play is in the six month area where 1.24% has been chopped off the advertised rate taking it Standard product to 7.35% and replacing its one-year Classic rate with a six-month rate of 6.99%. Most fixed rates have been cut for its Standard and Global Home Loan products. These cuts range from 84 basis points for three year rates, through to 124 points for seven year rates.
ANZ National Bank have also made major reductions with a 90 basis point cut from it’s one-year rates and 85 points from it’s six-month rates. It’s floating rate has been reduced by 75 points and it’s longer fixed term rates have been reduced by up to 60 basis points. Cairns Lockie and General Finance have also made similar cuts.
AMP Home Loans have reduced both it’s standard and priority fixed term rates. The biggest cut was to it’s six-month term also by 74 basis points followed by one-year rate by 69 points, two-year by 60 points, three-year by 65 points and it’s four and five-year rates by 55 and 50 points respectively.