Mortgages

Home loan rate war moves to one year market

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.

Thursday, November 18th 2004

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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Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

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