ANZ National Bank and ASB are cutting their variable home loan rate to 8.7 percent from 9.45 percent.
The move comes after Westpac this week announced a cut in its variable rate to 8.7 percent and state-owned Kiwibank went a step further with a cut in its variable home loan rate to 7.95 percent.
The change at ANZ is effective on Monday for new customers and on December 10 for existing customers.
The National Bank cut is effective for new customers on Monday and for existing customers on December 8.
ASB's cut is effective immediately for new borrowers and from December 8 for existing borrowers.
ASB also announced a range of cuts to its fixed home loan rates. Its two year rate falls to 7.5 percent from 8.1 percent, while the one year rate falls to 7.4 percent from 8.1 percent. The five year rate falls to 8.25 percent from 8.75 percent.
The cuts come ahead of the Reserve Bank's monetary policy statement on December 4. The Reserve Bank cut the Official Cash Rate (OCR) by 100 basis points to 6.5 percent on October 23.
source: nzpa
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