The last of the major banks trims its key mortgage rates, falling into line with the levels triggered by ANZ earlier in the week. With low rates very tightly bunched, no bank can afford to be out of line

Not to be outflanked, ASB has now also adopted the ANZ price points for a one and two year fixed rate mortgage 'special'.

Essentially, that means all the majors are back with the same rates for these two key terms.

ASB's change is effective today (October 18, 2019).

And they made equivalent cuts to their 'standard' rates.

ANZ started this small move lower on Monday. Although to be fair, they essentially just adopted the earlier Kiwibank pricing points.

Westpac followed on Wednesday.

Then it was BNZ on Thursday.

And now ASB on Friday. At this time ASB hasn't announced matching term deposit rate cuts, although to be fair their TD rate levels already generally match their main rivals.

None of ANZ's main rivals have attempted to match their sharp move lower for their six month fixed rate.

It seems conceivable that Kiwibank could move to re-establish its small price advantage. But we have no inside knowledge about such a move.

With rising real estate volumes and higher house prices to chase, it is game on in both the real estate and mortgage markets.

And it is a market move up that seems to be being led by Auckland.

Spring has become infectious.

Until about a week ago, wholesale swap rates had fallen to record low levels. But in the past week they have started rising, with the benchmark two year swap rate up more than ten basis points in that time.

The lowest rates in New Zealand at present are offered by Chinese banks who have a retail presence here.

Our table below presents carded rates. If you have received real rate offers lower than these, please note them in the comment section below and what bank is involved. A note about related cash-backs or other incentives would be good too.

Here is the full snapshot of the advertised fixed-term rates on offer from the key retail banks.

Fixed, below 80% LVR	6 mths	1 yr	18 mth	2 yrs	3 yrs	4 yrs	5 yrs
as at October 18, 2019	%	%	%	%	%	%	%
ANZ	3.65	3.55	3.99	3.45	3.99	4.85	4.95
	4.29	3.55	3.75	3.45	3.89	4.19	4.29
	4.79	3.55	4.55	3.45	3.99	3.99	3.99
	4.79	3.55		3.49	3.99	3.99	3.99
	4.99	3.55	4.79	3.45	3.99	4.35	4.45
Bank of China	3.99	3.15	3.70	3.15	3.79	4.35	4.45
Co-operative Bank	3.49	3.49	3.59	3.59	3.89	3.99	4.09
China Construction Bank	4.70	3.19		3.19	3.19	4.95	4.95
ICBC	4.29	3.18	3.18	3.18	3.20	3.99	3.99
	4.65	3.35	3.35	3.35	3.35	3.35	3.35
	4.29	3.65	3.69	3.59	3.99	4.49	4.49
	4.35	3.69	3.69	3.49	4.05	4.45	4.55

In addition to the above table, BNZ has a unique fixed seven year rate of 5.70%.

All carded, or advertised, term deposit rates for all financial institutions for terms of less than one year are here, and for terms of one-to-five years are here. And term PIE rates are here.