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Mortgages

Two-year home loan rates a bargain

Hot competition continues in the medium term home loan rate market with BNZ moving the aggressive pricing strategy it has used for its two-year rate to the three-year one as well.

Monday, March 15th 2004

BNZ, announced on Friday night, that it is now offering a three year fixed rate at 6.99% - significantly below its competitors. However, both these rates are for its Ultimate Home Loan package that is a combination of fixed and floating.

The rate is not available on GlobalPlus Home Loans or any other packaged offers, where the applicable 2-year rate is 7.30% and applicable 3-year rate is 7.50%.

"BNZ set the pace for the two-year fixed home loans," general manager of business development Andrew Whitechurch says. "Now we're offering a market-leading home loan rate for three-year fixed home loans as well."

Aside from BNZ's activity on Friday last week was noticeably quiet in the lead up to the Reserve Bank's Official Cash Rate announcement with no significant changes being made.

The RBNZ left the OCR at 5.25% on Thursday. Following the announcement there have been some tentative moves downwards. Cairns Lockie/eMortgage, General Finance and Wizard all dropped fixed rates.

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Top Mortgage Rates

SBS FirstHome Combo 4.29
Co-operative Bank - First Home Special 4.85
China Construction Bank 4.85
ICBC 4.85
Kiwibank Special 4.89
ASB Bank 4.89
SBS Bank Special 4.89
TSB Special 4.89
Westpac Special 4.89
Kainga Ora 4.89
AIA - Go Home Loans 4.89
Nelson Building Society 4.93
ICBC 4.95
SBS Bank Special 4.95
China Construction Bank 4.95
Wairarapa Building Society 4.95
TSB Special 4.95
ANZ Special 4.95
ASB Bank 4.95
Kainga Ora 4.95
Westpac Special 4.95
AIA - Go Home Loans 4.95
SBS Bank Special 5.39
Westpac Special 5.39
ICBC 5.39
Co-operative Bank - Owner Occ 5.59
BNZ - Std 5.59
BNZ - Classic 5.59
AIA - Go Home Loans 5.59
ASB Bank 5.59
Kainga Ora 5.69
Kiwibank Special 5.79
ANZ 5.79
SBS Construction lending for FHB 3.94
AIA - Back My Build 4.44
CFML 321 Loans 4.99
Co-operative Bank - Owner Occ 5.95
Co-operative Bank - Standard 5.95
Heartland Bank - Online 5.99
Pepper Money Prime 6.29
Kiwibank - Offset 6.35
Kiwibank 6.35
TSB Special 6.39
Kainga Ora 6.44

Full Rates Table

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