As suggested ASB have also dropped their variable rate to 6.4%. ANZ have also introduced a 3 month special of 5.65%.
On the other end of the scale ASB and Sovereign have increased their 3, 4 and 5 year rates leaving many borrowers in a quandry. A lot of borrowers are on floating rates waiting for the right time to hop onto a low low long term rate. This move by lenders may see a good number take what is on offer now.
I personally think that one of the big players will make some real cuts with a selected long term rate soon (or soonish) but wouldnt argue with any client who locked in at 5 years now.
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