Westpac said it will cut its 'Choices Everyday' variable mortgage rate by 80 basis points to 5.69%, effective for new customers on Tuesday and for existing customers on October 5. At the same time, Westpac will also lower its six month mortgage rate by 10 bps to 5.29%, which will be the lowest mortgage rate offered on the market. See and compare all of the rates here. The move comes just over a week after ASB cut its variable mortgage rate to 5.75%. Last Thursday, the Reserve Bank kept the Official Cash rate at its record low of 2.5%, with Governor Alan Bollard reiterating the RBNZ's expectation for the OCR to remain at its current level until the latter part of 2010. Westpac said it would drop its standard variable mortgage rate by 20 bps to 6.29%. Westpac said the main requirement of a Choices Everday home loan is having your salary credited directly into your account which you can also then transact from. BNZ is currently offering its Total Money variable mortgage rate at 5.85%, although borrowers are able to effectively reduce this rate by offsetting it against cheque and savings account balances. Kiwibank is offering 5.79% for its standard variable mortgage rate, while ANZ and National Bank are offering 6.45%. TSB is offering 6.39%. TSB last week cut its six month mortgage rate to 5.35%, while Kiwibank, ANZ and National Bank are offering 5.45%. ASB is offering 5.5% for its six month mortgage rate, although Bank Direct has a 5.45% rate. BNZ is also offering 5.5% for six months.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.