Interest rate falls save thousands

PHOTO: ROBERT KITCHIN/STUFF Economists say Adrian Orr will need to announce more cuts if rates are to stay this low.

If you’re wanting a home loan bargain, there may be little point in waiting.

After this week’s official cash rate cut, ASB, Westpac, ANZ and Kiwibank all moved to cut their home loan rates by up to 15 basis points.

ASB reduced its variable home loan interest rate by 10 basis points and its Orbit home loan product by five.

The lowest advertised interest rate in the market is now 3.89 per cent fixed for one year – available from Westpac and ANZ.

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