Major NZ bank reduces home loan rates

Source: 1News

ANZ is cutting its home loan rates, bucking the trend of rising rates.

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ANZ reduced its one-year fixed rate home loan by 0.36% to 5.59%, while its special one-year rate was going down by 0.36% to 4.99%.

And all the bank's fixed or special home loan rates will either fall or see no change.

The changes are effective from Wednesday.

"While wholesale rates remain volatile and the Official Cash Rate is expected to continue to rise; where there is an opportunity we will pass savings onto customers," a spokesperson said.

"Interest rates will continue to be reviewed in response to international and local market conditions."

READ MORE: Major bank lifts mortgage rates for second time this month

The bank is New Zealand's largest and hiked its fixed rates in June.