Mortgages

Mortgage interest war heats up

Banks continued the price war on two-year fixed-term mortgage rates yesterday, while others predicted those rates could fall further.

Sunday, October 24th 2004

Yesterday, Bank of New Zealand cut its two-year fixed-term rate to 7.25 per cent, down twice from 7.4 per cent last week. BNZ was sticking to its guns that it would undercut any rate offered by other big banks.

ANZ on Wednesday matched BNZ's previous rate of 7.35 per cent.

BNZ moved even lower than second-tier lender TSB Bank's "special" rate of 7.29 per cent this week, while Westpac trimmed two-year rates back to 7.5 per cent and Superbank went to 7.19 per cent on 21 months.

Most smaller lenders such as TSB, Kiwibank and others have charged lower rates than the big banks, in order to get business.

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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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