9 May 2012

Banks slash one-year fixed mortgage rate

5:38 pm on 9 May 2012

ANZ and the National Bank have cut their one-year fixed mortgage interest rate to the lowest point in at least 17 years.

The sister banks' fixed home loan will drop 40 points to 5.25% from Thursday.

ANZ's retail managing director Kerri Thompson says wholesale interest rate markets have been volatile, but there is currently a window for cheaper longer term rates.

The bank is also reducing its six-month term deposit rate by 30 points to 4% per annum.