ASB has cut its one year fixed mortgage rate to 5.19% from 5.45%.
The Co-operative Bank has also made a change, reducing its one year rate to 4.99% from 5.25%.
Both changes are effective Monday, April 22, 2013.
It brings ASB into line with ANZ and Westpac who already offer a one year fixed mortgage rate of 5.19%.
The new rate also applies to BankDirect and to Sovereign Home Loans as both brands are owned by ASB.
There are no restrictions announced with either rate cuts.
The new rates are not the lowest one year fixed rate offered by a bank.
Co-op Bank joins Kiwibank who also offers a 4.99% unrestricted one year fixed rate, as does HSBC for their qualifying Premier clients.
The lowest rate offered by any bank is TSB's fixed 15 month 'special' of 4.95% but this rate does come with LVR restrictions.
Kiwibank was the last bank to cut rates which it did two weeks ago.
See all banks' advertised home loan rates here.
This positions the ASB's rates among the New Zealand banks as follows:
| 1 yr | 2 yrs | 3 yrs | 4 yrs | 5 yrs | |
 |
5.19% | 5.45% | 5.80% | 6.10% | 6.30% |
 |
5.19% | 5.45% | 5.75% | 5.95% | 6.25% |
| BNZ | 5.25% | 5.40% | 5.80% | 6.10% | 6.30% |
| Kiwibank | 4.99% | 5.25% | 5.65% | 5.99% | 5.99% |
 |
5.19% | 5.40% | 5.90% | 6.15% | 6.25% |
| Co-op Bank | 4.99% | 5.35% | 5.75% | 5.99% | |
| HSBC Premier | 4.99% | 4.99% | 4.99% | 5.50% | 5.75% |
| SBS / HBS | 5.25% | 5.30% | 5.65% | 5.99% | |
 |
5.25% | 5.30% | 5.75% | 6.10% | 6.30% |
TSB Bank has a lower rate Special 15 month offer of 4.95%.
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5 Comments
On we go in the "game" round and round until the music stops...and the OBR thieving kicks in...and the run on all other bank deposits....and property falls 10% overnight...and the media ask "how could this happen...why were we not warned"..
Do not worry...you are in safe hands...the RBNZ has a liferaft ready...just the one...pollies and bankers only!
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