Mortgage price wars heat up

ANZ has followed Westpac in slashing its one year special rate to 2.29%, the joint lowest "big four" rate in the market.

Wednesday, January 20th 2021

The new special rate, effective this morning, is the latest salvo fired in the mortgage wars that continue to heat up, amid a battle for prime mortgage borrowers.

With the Reserve Bank's new Funding for Lending Programme, interest rates are set to fall further this year, despite growing predictions that the OCR will stay on hold.

ANZ's new rate is available to people with a 20% deposit, and customers must have an "ANZ transaction account with salary direct credited".

The bank has also cut its standard one year rate by 20 basis points, slashing the price to 2.89%.

The ANZ special rate is level with Westpac as the joint cheapest big four rate in the market, yet Heartland's 1.99% online mortgage, a limited offer, leads the way in the one year stakes.

Housing crisis needs building surge

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It is not the best out there for many businesses and property sector people. Sales are down across the board, our clients’ confidence is falling, and there is a lot of uncertainty.

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

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[OPINION] Recessionary times