One year fixed mortgage rates cut below 7 percent

By NZPA

Friday 20th September 2002

Competition driven by a strong property market continues to push mortgage rates down with one lender dropping its one year fixed interest rate to less than 7 percent.

ANZ cut its one year fixed rate from 7.2 percent to 6.95 percent today ahead of the spring house buying season.

Bank spokeswoman Annette Sloan said the housing market was on the rise and so too was competition over mortgage rates.

The loan package, which included other incentives, was the best ANZ had offered for a long time, she said.

At September 10, two lenders were offering one year fixed-rates of 7.05 percent and the highest rate on offer was 7.25 percent.

One year fixed-rates were about 7.5 percent at the start of July.

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