Home loan rate war moves to one year market

Thursday 18 November 2004

While much of the attention in the home loan interest rate battle is focused in the two-year fixed rate market – thanks to the Bank of New Zealand – there is a move to shift the battle to another area.

By The Landlord

BNZ has been dominating headlines and advertising with its “Unbeatable” campaign, offer to better any two year rate offered by the major banks.

When ASB this week dropped its two-year rate to 6.95%, 20 basis points below BNZ, the big blue bank responded and pitched its rate at 6.90%.

However this week ASB and its sister companies Sovereign, Bank Direct and to a lesser degree NZ Home Loans, cut their two year rates and also cut their one year rates.

Currently they have one-year rates significantly below BNZ.

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