Mortgage interest war heats up

Sunday 24 October 2004

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

By The Landlord

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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