ANZ cuts its one-year mortgage rate as ASB raises

By Jenny Ruth | 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...