Rates tumble in home loan war

Monday 15 November 2004

ASB Bank is firing both barrels at other big banks in the fixed mortgage price war, offering 6.95 per cent for two years, but the Bank of New Zealand is firing back with a new 6.9 per cent rate.

By The Landlord

ASB is also heavily undercutting all the big banks on the one-year fixed term, offering 6.95 per cent, which banking sources said was likely to be at paper-thin profit margins.

The ASB's one-year fixed rate is well below any other big bank, and a whopping discount to the 7.75 per cent for one-year fixed being charged by ANZ Bank and Westpac.

ASB trimmed its two-year fixed term rate to 6.95 per cent late last week, down from 7.75 per cent a few weeks ago, but BNZ shot back yesterday dropping its two-year rate to 6.9 per cent.

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