ANZ cuts its one-year mortgage rate as ASB raises

ANZ cuts its one-year mortgage rate as ASB raises
Jenny Ruth
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...

More Finance

Kiwibank looks to grow as FY profit tightens
Finance

Kiwibank looks to grow as FY profit tightens

Kiwibank has flagged the NZ economy to improve in 2026.

Staff reporters 21 Aug 2025
Like it or not, cryptocurrency is going mainstream in NZ
Finance

Like it or not, cryptocurrency is going mainstream in NZ

Koura Wealth’s bitcoin KiwiSaver fund is Morningstar’s runaway 12-month performer.

Greg Hurrell 21 Aug 2025
Tower's new risk ratings to affect premiums
Finance

Tower's new risk ratings to affect premiums

Sea surge and landslide risk can now be calculated house by house.

Pattrick Smellie 20 Aug 2025
Investor visas a gold mine for private credit
Finance

Investor visas a gold mine for private credit

More than $55m committed for residency destined for credit funds which lend to NZ firms.