ANZ has responded to the many recent mortgage rate reductions with a range of adjustments lower.
One rate is a market leading offer.
It has reduced three of its 'special' offers, removed one 'special', and added a new 'special'.
And it has reduced rates on five of its standard mortgage rates.
At the same time the Co-operative Bank has reduced its standard four and five year rates.
The noteworthy change however is from ANZ.
It has cut its already market-leading 'special' one year offer by another -6 bps to 5.39%.
At the same time it has reduced its two year 'special by -16 bps also to 5.39%, although that is trumped by SBS Bank for that term who offer 5.19% for two years fixed.
It's three year rate has been reduced by -20 bps to 5.79% and a five year 'special' has been added to its rate card at 5.89%.
The other 'special' change is that it has removed its 18 month offer, reverting to its standard rate for that term.
Customers who take new lending of $250,000 or more can also get up to $2,000 cash as part of their 'Make it Yours' campaign.
ANZ 'specials' require at least 20% equity, and ANZ transaction account with salary direct credited, plus one of an ANZ credit card or ANZ insurance product.
ANZ standard rates have also had reductions for terms of 1 to 5 years with cuts of either -6 or -10 bps.
The Co-operative Bank also announced changes today at the long end settling on 5.89% as their offer for both 4 and 5 years fixed. All Co-operative Bank rates are standard.
All these changes come into effect tomorrow.
The lowest rate in the New Zealand mortgage market is still SBS Bank's two year 'special' of 5.19%.
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 will compare as at 9:00 am Wednesday, February 11, 2015:
| below 80% LVR | 1 yr | 18 mths | 2 yrs | 3 yrs | 4 yrs | 5 yrs |
 |
5.39% | 6.09% | 5.39% | 5.79% | 6.49% | 5.89% |
 |
5.59% | 5.70% | 5.45% | 5.59% | 5.99% | 5.99% |
 |
5.69% | 6.09% | 5.39% | 5.69% | 6.49% | 5.79% |
 |
5.69% | 5.55% | 5.89% | 6.39% | 5.89% | |
 |
6.09% | 6.30% | 5.79% | 5.89% | 6.79% | 5.99% |
| Co-op Bank | 5.59% | 5.49% | 5.59% | 5.74% | 5.89% | 5.89% |
 |
5.45% | 5.65% | 5.79% | 6.49% | 6.49% | |
| SBS Bank | 5.59% | 5.74% | 5.19% | 5.49% | 5.79% | |
 |
5.70% | 5.80% | 5.50% | 5.95% | 6.40% | 6.50% |
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Fixed mortgage rates
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Update: This story corrects an error in the 3 and 5 year changes from SBS Bank.
6 Comments
Westpac don't need to compete as heavily in the market - they have a lot of "special" rates with organisations - certain large employers, professional bodies etc where they offer significantly lower rates than what is advertised. For example - my professional membership entitles me to a minimum of 0.6% off the carded westpac floating rate, and a minimum of 0.3% off fixed rates... my former employer offered really good deals through westpac as well...
Plus - don't the government and most councils bank with westpac? ;) license for them to print money right there.
did they? Just checked my professional membership site and theirs is still active...
• Home Loans – you're eligible for ongoing discounts on both our floating (0.60% or 0.50%* off carded rates) and fixed (0.30%* off carded rates) interest rates, and no processing or re-documentation fees. You'll also receive a contribution of up to $1,000 towards legal fees.
Must be just specialist professional bodies:
http://westpac.custhelp.com/app/answers/detail/a_id/104
"Sorry, RedPac has been discontinued. Our web site shows our current home loan rates"
It used to be more widespread
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