Bank competition on fixed rates intensifies

Thursday 18 November 2004

House buyers are benefiting from falling mortgage rates as competition for market share hots up between the big five trading banks, the Real Estate Institute (Reinz) says.

By The Landlord

Reinz national president Howard Morley yesterday said Bank of New Zealand had been leading the aggressive play for more customers.

Competition was particularly fierce for one and two-year fixed term rates, Mr Morley said in a statement.

On Monday, ASB cut its two-year rate to 6.95 per cent, while BNZ took its down to 6.9 per cent. On Tuesday, ANZ dropped its two-year rate to 6.95 per cent.

Westpac has responded by cutting its 18-month rate to 6.99 per cent and its 30-month rate to 7.19 per cent.

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