ANZ, National cut home rates

ANZ and the National Bank last night announced drops in their home lending rates.

ANZ said its two-year home lending rate would go from 7.3 per cent to 7. Its three-year rate falls by 0.45 percentage points, its four-year rate by 0.59, and its five-year rate drops from 8.49 per cent to 7.75.

The National Bank's two-year rate goes from 7.2 per cent to 6.99 and its three-year rate is now 7.25 per cent - down from 7.79. Its four-year rate drops to 7.55 per cent and its five-year rate goes from 8.5 per cent to 7.79.