27 Nov 2010

ANZ National lowers mortgage rate

6:05 am on 27 November 2010

ANZ National Bank has cut its two-year mortgage rate to match similar moves by its peers.

The country's biggest bank cut its two-year fixed rate by 0.04 of a percentage point to 6.65% on Friday.

ANZ National is now in line with the other big banks, which cut two-year rates last week, but is still above Kiwibank, the market-leader.

The state-owned bank lowered its two-year rate to 6.95% last week.

ANZ National's moves come after a slight fall in the cost of borrowing on the money markets by banks this week.