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Banks start home loan war again

The Bank of New Zealand is resuming discounting campaign with home loans, this time extending it to include three-year rates as well as two-year rates. However two other banks have launched their own campaigns.

Wednesday, June 01st 2005

BNZ is offering two and three year rates at 7.55% under the Classic Home Loan banner.

Its standard rates for these two terms are 7.80% each.

One of the key differences are that cheap rates have no other offers or incentives attached while the higher ones include Global Home Loans which attract loyalty card reward points.

Besides offering some lower rates BNZ is also promising to beat rates offered by the other big banks. However it is explicitly excluding ASB Bank’s online subsidiary.

Bank of New Zealand general manager of marketing, distribution, and strategy, Andrew Whitechurch says the three-year offer is being made because of “shifts in the interest rate cycle.”

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Top Mortgage Rates

SBS FirstHome Combo 6.74
Heartland Bank - Online 6.89
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 6.55
SBS Bank Special 6.69
TSB Special 6.75
Westpac Special 6.75
China Construction Bank 6.75
ICBC 6.75
AIA - Go Home Loans 6.75
ASB Bank 6.75
Unity 6.79
Co-operative Bank - Owner Occ 6.79
SBS Bank Special 6.19
ASB Bank 6.39
Westpac Special 6.39
AIA - Go Home Loans 6.39
China Construction Bank 6.40
ICBC 6.49
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
TSB Special 6.59
SBS Bank 6.79
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

Full Rates Table

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