13 Oct 2009

More changes in bank rates

6:11 pm on 13 October 2009

There have been further changes in home loan rates.

ANZ and National Bank have dropped their floating rates and raised fixed mortgage rates on terms of over one year.

National cut its floating rate from 6.5% to 5.75%.

ANZ left its standard variable rate unchanged to 6.45%, though it has introduced a 5.69% rate for those those loan is less than 80% of the house value.

National bank raised its fixed rates by between a third and a half of a percentage point, while ANZ's rates increased by between 30 and 45 basis points.

The largest increases hit shorter fixed home loans.