Mortgages

Big banks' fixed home loan rates rise

The big banks' recent and aggressive battle for mortgage market share looks to be fading with at least three bumping up their two-year fixed rates.

Monday, December 27th 2004

BNZ and National Bank have hiked their two-year fixed rates to 7.6 per cent. ASB Bank's rate for the same period is now 7.7 per cent.

The big banks had previously offered two-year fixed rates at about 7 per cent, with some as low as 6.95 per cent.

The move towards higher rates apparently brings to an end the two-month battle for market share in the fiercely competitive home loan market.

Market watchers said the banks' interest rate war was also an attempt to rejuvenate the slowing housing market, which has pushed the domestic economy along at a break-neck speed over the past two years.

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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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