The Co-operative Bank has cut both its carded four and five year mortgage rates to 4.99% making it the only bank to have all its rates from one to five year terms below 5%.
Co-operative Bank has cut its four year interest rate by 26 basis points and its five-year rate by 36 basis points.
CEO Bruce McLachlan said the move was in anticipation of some customers starting to take a longer-term view towards their home loans.
The new rates are available to both new and existing customers from today (Wednesday).
Borrowers should always negotiate for lower than carded rates, especially if you have equity of 20% or greater.
Talking to your bank's main rivals and knowing what they will offer is the best way to start negotiations with your bank.
See all banks advertised, or carded, residential mortgage rates here.
These new fixed mortgage rates now compare across all banks as follows:
| below 80% LVR | 6 mths | 1 yr | 18mth | 2 yrs | 3 yrs | 5 yrs |
| % | % | % | % | % | ||
 |
5.15 | 4.35 | 4.95 | 4.49 | 5.10 | 5.35 |
 |
4.85 | 4.35 | 4.49 | 4.49 | 4.79 | 5.09 |
 |
4.99 | 4.35 | 4.39 | 5.19 | 5.35 | |
 |
5.19 | 4.49 | 4.49 | 4.85 | 5.35 | |
 |
5.15 | 4.35 | 4.95 | 4.49 | 5.10 | 5.35 |
 |
5.19 | 4.49 | 4.49 | 4.49 | 4.85 | 4.99 |
 |
5.39 | 4.25 | 4.25 | 4.99 | 5.29 | |
 |
4.99 | 4.49 | 4.69 | 4.55 | 4.79 | 5.29 |
 |
5.29 | 4.35 | 4.69 | 4.39 | 4.79 | 5.35 |
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