TSB launches 5.69% 'special offer' for one year fixed home loan rate, lower than any main bank's carded rate for that term

A challenger bank is getting into the action, pressing the one year fixed home loan rate lower.

TSB has launched a 5.69% one year carded rate. This is now lower than any main bank one year carded rate. It is -10 bps lower than Kiwibank who have the lowest by main banks in the popular 6 month to 2 year range.

5.69% matches TSB's 2 year to five year rates as well, and most banks are in this range for longer terms. But 5.69% is unusual for a one year fixed rate.

But carded rates are one thing. Actual off-card rates are often lower.

Competition is pointed at present. And to avoid queering the pitch, a lot of home loan rate activity is going on 'off-card'.

We have cleared the table below of these reader-reported mortgage rates, because they are so fluid. We need to be reporting current rates from readers. Let us know what you are seeing.

Almost all banks will have some flexibility in their rate offers. So the carded rates are just the start. Negotiate. How flexible they may be will depend on the strength of your financials.

One useful way to make sense of the changed home loan rates is to use our full-function mortgage calculator which is below. TSB has trimmed their 1-5 year TD rates today too, except their 18 month rate. Term deposit rates can be assessed using this calculator.

And if you already have a fixed term mortgage that is not up for renewal at this time, our break fee calculator may help you assess your options. Break fees will be minimal in a rising market. But they become important in a falling market, like now. Don't forget, when you sign up for a fixed rate you are signing a contract. You have been given the right to break it in legislation but the bank has the right to reclaim its costs when you do so. This is NOT evidence of banks making it hard to switch (as some borrowers, and sadly some journalists seem to think).

Here is the updated snapshot of the lowest advertised fixed-term mortgage rates on offer from the key retail banks at the moment. (Be aware that the reader-reported rates are unofficial and may be quite fuzzy themselves.)

Fixed, below 80% LVR	6 mths	1 yr	18 mth	2 yrs	3 yrs	4 yrs	5 yrs
as at November 5, 2024	%	%	%	%	%	%	%
ANZ	6.50	5.99	5.79	5.69	5.69	6.19	6.19
current reader-reported rates	6.29	5.79	5.75	5.65	5.65	5.59	5.59
	6.39	5.99	5.79	5.69	5.69	5.79	5.79
current reader-reported rates
	6.49	5.99	5.89	5.69	5.69	5.59	5.59
current reader-reported rates
	6.49	5.79		5.69	5.69	5.69	5.69
current reader-reported rates
	6.45	5.99	5.89	5.65	5.65	5.59	5.59
current reader-reported rates
Bank of China	6.65	5.99	5.79	5.69	5.69	5.49	5.49
China Construction Bank	6.50	5.99	5.79	5.69	5.69	6.40	6.40
Co-operative Bank	6.39	5.99	5.89	5.75	5.69	5.69	5.69
Heartland Bank		5.65	5.59	5.55	5.55
ICBC	6.39	5.99	5.79	5.65	5.59	5.49	5.49
	6.60	6.15	5.79	5.69	5.69	5.69	5.69
	6.45	5.69 -0.30	5.89 -0.10	5.69	5.69	5.69	5.69