Two banks have cut rates today. The most significant is TSB which has taken the knife to its longer term rates. The cuts made are between 36 and 70 basis points. It's new three-year rate is only bettered by ASB and Sovereign. Here's the table sorted lowest to highest on that term.
It does take a market leading position in the five-year rate, however it seems, from market feedback shorter term rates are preferred by borrowers at the moment.
ANZ also made some cuts, but they are far less significant in terms of market positioning. The cuts have been made to rates from one-year to five-years and they range from 10 basis points to 36 basis points.
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