ANZ has just announced another cut on rates on some of their fixed-term mortgages.
From 15th October ANZ offers special rates on six-month, one-year and two-year terms. Rates starts as low as 3.45%.
"The current extreme low interest rate environment not only represents an opportunity for new home buyers to enter the market, but for existing home loan customers to pay off as much of their debt as possible." said by ANZ bank Acting Managing Director Ben Kelleher.
The official cash rate (OCR) is at 1% and economists predict it could drop to 0.5% before it increases again.
There is no update in mortgage rate and term deposit rate changes this week however, we can update couple of interesting facts we have came across.
- Yesterday, Westpac announced cuts to its KiwiSaver fees, cutting the monthly admin by more than half to $1 a month, and the management fees.
- Average rents declined in the third quarter of the year but remain up by +6.5% compared to a year ago. Auckland rents were up.
Watch closely for more updates and exciting news coming up :)