New record low mortgage rate at 2.8%

CCB has cut its 1 year special by 35 basis points to 2.8%. The rate is cheaper than Heartland Bank's online mortgage at 2.89%, as well as HSBC Premier's 2.95% rate.

The Chinese bank has also cut its two year rate to 2.85%, a reduction of 30 basis points. CCB's two year edges out Heartland's 2.97%.

CCB's one year rate is now 25 basis points cheaper than ANZ, ASB and Westpac's one year deal.

There has been little downward pressure on mortgage rates in recent weeks, after the Reserve Bank's decision to cut the OCR to 0.25% for 12 months.