ANZ cuts its one-year mortgage rate as ASB raises

Thu, 19 Mar 2020

ANZ Bank rightfully grabbed some headlines late Wednesday when it slashed its one-year fixed mortgage rate to the lowest in the market.What flew under the radar was that ASB Bank inexplicably raised its one-year fixed rate the same day.ANZ was reacting to falling wholesale interest rates and the Reserve Bank's emergency official cash rate cut on Monday from 1 percent to 0.25 percent in the face of the rapidly worsening coronavirus crisis.All the major banks immediately passed the full 75 basis point cut onto customers on floating rates, but Res...

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Politics

Govt reshuffle: Lee demoted, Simmonds loses portfolio

Melissa Lee has been stripped of her media and communications portfolio and dropped from the cabinet, prime minister Christopher Luxon announced today.He has given Paul Goldsmith the portfolio after Lee was widely criticised over her public handling of the numerous issues facing...

Staff reporters 1:20pm

Economy