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 LandlordReinz 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.
Read More - Opens in a new window
Commenting is closed
There’s been a rallying of the market with the latest REINZ data showing both sales volumes and median house prices noticeably up with the onset of Spring.
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.