ANZ has undercut the market by offering a record low floating mortgage rate of 1.68% for borrowers who build new houses, NZ Herald reports. According to ANZ, the discount on its normal floating rate is available for 24 months, for new builds and builds that are already underway. ANZ’s mortgage rate is lower compared to its rival banks, including ASB bank which is offering a 1.79% floating rate, Heartland Bank’s 1.95% floating rate and KiwiSaver provider Simplicity’s 1.90% rate.

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