Mortgages

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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Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

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