Last Friday it reduced its one and two-year rates by 10 basis points to 6.15% and 7.10% respectively. Its three-year rate was also cut by five basis points to 7.70% and these changes brought all three rates in line with the medians for minor banks.

Then on Tuesday SBS cut its three-year rate more substantially taking another 20 basis points off it to 7.50%. It also dropped its five-year fixed rate by 35 basis points to 8.15%.  HSBC Premier rates are now the only other bank with lower rates for these terms.

Credit Union North was the only other lender to make changes, slashing 40 basis points off its floating rate to 5.85%. This brings its floating rate in line with Credit Union Baywide and it is now well below the median floating rate for non-bank lenders of 6.35%. Credit Union North also dropped its two-year fixed rate by 10 basis points to 7.20%.

In this week's Expert Views ANZ says that in terms of flow there has been no move for mortgage holders to start fixing.

In other news the latest data from QV Valuations shows that New Zealand property values will probably stay flat until all of the uncertainties weighing on home owners are cleared up. We also look at what suburbs around New Zealand have seen the biggest changes in property values over the last year.

We also have a new graph which shows that the number and value of home loan approvals have been in decline for some time.