ASB has trimmed 20 basis points off its advertised two-year home loan interest rates matching offers from ANZ and Kiwibank.
ASB's carded, or advertised, two-year rate for borrowers with equity or a deposit of at least 20% is now 5.55%, and its standard offer is now 6.09%. Both rates are in line with ANZ and Kiwibank's carded rates.
The lowest carded two-year rate currently on offer from a bank is SBS Bank's 5.49%. To qualify for this borrowers require equity, or a deposit, of at least 20%.
See all banks' carded, or advertised, home loan rates here.
The current non-rate incentive offers are here.
This is how mortgage rates from the banks compare as at 9:00 am Thursday, January 22, 2015:
| below 80% LVR | 1 yr | 18 mths | 2 yrs | 3 yrs | 4 yrs | 5 yrs |
 |
5.59% | 5.70% | 5.55% | 5.99% | 6.49% | 6.59% |
 |
5.59% | 5.70% | 5.55% | 5.59% | 5.99% | 6.49% |
 |
5.69% | 6.09% | 5.75% | 5.59% | 6.49% | 6.59% |
 |
5.69% | 5.55% | 5.89% | 6.39% | 6.49% | |
 |
6.09% | 5.75% | 6.39% | 5.99% | 6.79% | 6.49% |
| Co-op Bank | 5.59% | 5.59% | 5.59% | 5.74% | 5.99% | 6.25% |
 |
5.45% | 5.65% | 5.99% | 6.49% | 6.79% | |
| SBS Bank | 5.59% | 5.74% | 5.49% | 5.69% | 6.19% | |
 |
5.70% | 5.90% | 5.39% | 5.95% | 6.40% | 6.50% |
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Mortgage choices involve making a significant financial decision so it often pays to get professional advice. An AMP mortgage broker can be contacted by following this link »
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5 Comments
Taking this long, no doubt Westpac will come up with some really good interest rates.
Our man Dominick from Westpac is making the news about house prices, body language says one thing (up!), commentary says another (down by 5%!)
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11390163
Based on ASB's 'how much can I borrow' calculator, the 20bps drop is good for an extra 2.25% of loaned money for me (and every other home buyer assuming a linear model across different income/exp situations). Really shows how banks can control house prices all by themselves, i.e everyones 'amount they can borrow' goes up by 2.25% in a blink of an eye = house prices move 2.25% higher (all else staying equal).
Auckland house prices are mainly fueled by immigration, international students, non resident house buyers, and buyers with access to much cheaper funding off shore.
Mortgage growth has been slowing for some time, so small interest rate cuts will have minimal effect on Aucklands prices.
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