Even though we are only two days away from the next RBNZ Monetary Policy Review and OCR assessment, the reductions in fixed mortgage rates keep coming.
Today SBS Bank has reclaimed the market leading position for a three year fixed home loan rate.
It's latest rate is a 'special' of 5.89% for new residential loans with at least 20% equity.
This is a -30 bps reduction from their prior rate, and a 30 bps advantage over the next lowest offer.
Or you can choose a cash incentive of up to $3,000. The Bank says "you can select a combination that works best for you".
This new 5.89% three year rate is the lowest offer of any bank for that term since September 13, 2013.
At the same time SBS bank has reduced its standard three year rate to 6.19%, down -6 bps from 6.25%.
Normally the few days before an OCR review see banks holding their rate decisions.
However, most observers and the financial markets foresee an extended pause in the central bank's drive to get rates back up to 'normal'.
See all banks' carded, or advertised, home loan rates here.
The current incentive offers are here.
This is how the updated mortgage rates will compare as at 9:00 am Tuesday, September 9, 2014:
| below 80% LVR | 1 yr | 18 mths | 2 yrs | 3 yrs | 5 yrs |
 |
5.75% | 6.25% | 5.99% | 6.49% | 7.15% |
 |
6.09% | 6.30% | 5.99% | 6.19% | 6.99% |
 |
5.99% | 6.25% | 5.99% | 6.19% | 6.99% |
| Kiwibank | 5.99% | 5.89% | 6.19% | 6.79% | |
 |
6.09% | 6.30% | 5.99% | 6.19% | 6.99% |
| Co-op Bank | 5.95% | 5.89% | 5.99% | 6.19% | 6.89% |
 |
5.95% | 5.95% | 6.55% | 6.99% | |
 |
5.85% | 5.99% | 5.99% | 5.89% | 6.79% |
 |
6.00% | 6.05% | 5.79% | 6.60% | 7.00% |
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Mortgage choices involve making a significant financial decision so it often pays to get professional advice. A Roost mortgage broker can be contacted by following this link »
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