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Home loan rates cut as market cools

Some banks are slashing interest rates on fixed-term home loans with a couple now offering rates of about 7.3 per cent – undercutting rivals in a cooling property market.

Tuesday, October 19th 2004

Bank of New Zealand cut its two-year fixed rate yesterday to 7.35 per cent, while smaller player TSB Bank moved even lower to 7.29 per cent.

BNZ is trying to build up its share of the home loan market, even though profits are being sliced thin to do it, banking experts say.

About two-thirds of all new loans are now on fixed-term mortgages, with the two-year term often the most popular.

All banks have lent about $1 billion each month on new home loans so far this year, with the total now about $94.5 billion.

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Top Mortgage Rates

SBS FirstHome Combo 4.29
Unity First Home Buyer special 4.29
Co-operative Bank - First Home Special 4.85
China Construction Bank 4.85
ICBC 4.85
TSB Special 4.89
Kiwibank Special 4.89
ASB Bank 4.89
Westpac Special 4.89
BNZ - Std 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
ASB Bank 6.44

Full Rates Table

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