Daily Commentary

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%.