ANZ matches BNZ on 18-month and 2-year specials — NZ's largest lender cuts into a rising-swap spring market
ANZ cut its 18-month special to 5.29% (−16 bps) and 2-year to 5.35% (−14 bps), matching BNZ on those terms. Westpac still leads the Big-5 2-year at 5.29%. Here's the spring competitive map while swaps rise.
ANZ just sharpened the two tenors that matter most for spring locks — and it did it while wholesale costs are still rising.
Effective with the latest card (reported 29 Sep), ANZ's 18-month special is 5.29% (−16 bps) and its 2-year special is 5.35% (−14 bps). That now matches BNZ on both terms. It does not undercut Westpac's Big-5 2-year special at 5.29%.
This is catch-up competition on the tenors brokers and FHBs are shopping — not a claim that "rates are falling" across the board.
What ANZ changed
Per interest.co.nz (29 Sep) and the borrowing table (below-80% LVR specials as reported):
| Term | ANZ special | Move |
|---|---|---|
| 6 months | 4.79% | (as reported) |
| 1 year | 4.99% | (as reported) |
| 18 months | 5.29% | −16 bps |
| 2 years | 5.35% | −14 bps |
| 3 years | 5.59% | (as reported) |
Always re-check live conditions and equity bands before you quote — specials are not always the price a client pays.
Competitive map (Big-5 + Co-op)
Snapshot from interest.co.nz (below-80% LVR specials / owner-occupier where noted):
| Lender | 6m | 1yr | 18m | 2yr | 3yr |
|---|---|---|---|---|---|
| ANZ | 4.79 | 4.99 | 5.29 | 5.35 | 5.59 |
| ASB | 4.79 | 4.99 | 5.35 | 5.45 | 5.45 |
| BNZ | 4.89 | 5.19 | 5.29 | 5.35 | 5.59 |
| Kiwibank | 4.85 | 5.15 | — | 5.39 | 5.59 |
| Westpac | 4.89 | 5.19 | 5.45 | 5.29 | 5.59 |
| Co-op OO | 4.89 | 5.19 | 5.35 | 5.49 | 5.69 |
- ANZ = BNZ on 18m 5.29% and 2yr 5.35%
- Westpac still owns the Big-5 2yr floor at 5.29%
- ASB, Kiwibank, and Co-op unchanged overnight relative to this ANZ move (Kiwibank/Co-op still at their ~24 Sep levels)
Don't pitch ANZ as having beaten Westpac on 2yr. It hasn't.
Why now (short)
Spring selling season is here, and interest.co.nz notes 1yr/2yr swaps jumped sharply — roughly +10 / +14 bps in a week, and about +45 bps on the 2yr versus a month ago. ANZ's cut is competition into rising wholesale costs, not a signal that funding has eased.
Continuity already covered on MortgageReady: Westpac's 2yr 5.29% (~19 Sep), BNZ's 18m 5.29% / 2yr 5.35% (22 Sep), Kiwibank's lift (24 Sep). This is the largest lender joining that selective spring pattern.
Takeaway for brokers and FHBs
- Shop 18m vs 2yr — ANZ and BNZ are now aligned on both; Westpac still leads Big-5 2yr
- Package still matters — cashbacks, fees, and break costs can outweigh 6–14 bp on the rate (no invented dollar savings)
- Equity bands — many specials assume lower LVR; don't quote a ≥20%-style special to a low-deposit client
- File-ready before the next move — docs and numbers current so the chat is term strategy, not payslip chase
What did not move
- No other Big-5 overnight reshuffle tied to this ANZ card
- OCR still 2.75% (last move 2 Sep); next MPR window is October — not a new OCR decision in this piece
- We're not reopening ANZ's earlier economist path (three hikes to 3.50%) as news here
Disclaimer: Not financial advice. One bank's special ≠ the whole market. Figures from interest.co.nz as at the 29 Sep report — check live offers and conditions before you quote.
Ready to prepare?
For brokers: ANZ just matched BNZ on 18m and 2yr — rebuild the rate-shop table, keep Westpac's 2yr 5.29% in the mix, and send clients your branded link so affordability, DTI, deposit and opt-in docs arrive before you lock a tenor. Learn more about MortgageReady for brokers.
For buyers: Don't chase a single poster rate. Compare 18-month vs 2-year across ANZ, BNZ and Westpac with your broker — and get a Ready Pack ready so you're deciding on strategy, not paperwork. Start free at MortgageReady.