{"id":491086,"date":"2026-06-23T06:26:10","date_gmt":"2026-06-23T06:26:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/491086\/"},"modified":"2026-06-23T06:26:10","modified_gmt":"2026-06-23T06:26:10","slug":"anz-cuts-home-loan-and-term-deposit-rates-after-fall-in-wholesale-costs","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/491086\/","title":{"rendered":"ANZ cuts home loan and term deposit rates after fall in wholesale costs"},"content":{"rendered":"\u201cGlobal events continue to influence wholesale rates, which have come off a little as the US enters peace talks with Iran.\u201d<\/p>\n
The bank will also cut its term deposit rates by between 10 and 20bps.<\/p>\n
The biggest cut of 20bps is to its two-year term deposit, which drops to 4%, while its one-year rate will drop by 15bps to 3.7% for deposits of $10,000 or more.<\/p>\n
ANZ\u2019s move comes after Westpac last week cut its longer-term home loan rates, after the bank said positive geopolitical developments over the past few weeks had brought down its funding costs.<\/p>\n
Both Westpac\u2019s three- and four-year fixed special rates will drop 20bps to 5.29% and 5.39% respectively, effective tomorrow.<\/p>\n
Its five-year fixed special home loan rate will be cut 30bps to 5.49%.<\/p>\n
Sarah Hearn, Westpac New Zealand managing director of product, sustainability and marketing, said it was moving quickly to pass savings on to borrowers.<\/p>\n
\u201cThese changes may be particularly appealing for customers, given the [Official Cash Rate] is expected to increase over the coming year,\u201d she said.<\/p>\n
\u201cWhile many still prefer the flexibility of fixing for shorter terms, we know that some like the idea of locking in part or all of their lending for longer, especially in times of uncertainty.\u201d<\/p>\n
However, Hearn said Westpac hadn\u2019t seen a similar drop in funding costs in shorter lending terms.<\/p>\n
Westpac also reduced its term deposit rates by 20-30bps on its three- to five-year options.<\/p>\n
The Reserve Bank (RBNZ) will next review the Official Cash Rate (OCR) on July 8, when economists are forecasting it will be hiked.<\/p>\n
At its last meeting, the RBNZ opted to keep the OCR on hold at 2.25% \u2013 but only after Governor Anna Breman cast her tie-breaking vote.<\/p>\n
Stay ahead with the latest market moves, corporate updates, and economic insights by subscribing to our Business newsletter<\/a> \u2013 your essential weekly round-up of all the business news you need.<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cGlobal events continue to influence wholesale rates, which have come off a little as the US enters peace…\n","protected":false},"author":2,"featured_media":491087,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[74,95,12465,1863,1643,138,802,1887,10666,20392,3592,1345,78,12469,19136,18060,111,139,69,7676,544,1335,17575],"class_list":["post-491086","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-after","tag-and","tag-anz","tag-back","tag-bank","tag-business","tag-costs","tag-countrys","tag-cuts","tag-deposit","tag-fall","tag-home","tag-in","tag-interest","tag-largest","tag-loan","tag-new-zealand","tag-newzealand","tag-nz","tag-rates","tag-some","tag-term","tag-wholesale"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/491086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=491086"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/491086\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/491087"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=491086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=491086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=491086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}