The term deposit changes are reductions in the-less-than-popular two, four and five year rates.ĪNZ says it has 'made changes to some of our fixed home loan and term deposit rates to reflect the recent decrease in wholesale swap rates'.Īnd yes, wholesales swap rates have reduced on global trends, although this week they have turned up very slightly after a long decline.Īfter peaking in early October at 5.96%, the one year swap rate has fallen to Tuesday's 5.38%. The home loan reductions are for the popular two and three year fixed rates, but don't include the even more popular one and 18 month rates. New Zealand's largest home loan lender, ANZ, has announced fixed rate reductions for both home loans - and some term deposit rates.
