Kiwibank has cut all three of its six-month, one-year, and two-year advertised, or carded, fixed-term mortgage rates to 4.99%, effective immediately.
The move sees the state owned bank's six-month and one-year rates both cut 26 basis points, and its two-year rate cut 46 basis points.
The new rates are only open to borrowers with at least 30% equity in their property.
Kiwibank's new one and two-year rates are the lowest advertised by any bank and its 4.99% six-month rate is bettered over that period only by HSBC's 4.85%, offered to that bank's premier customers who must have minimum combined home loan of NZ$500,000 or NZ$100,000 in savings and investments with HSBC.
See and compare all bank advertised mortgage rates here.
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9 Comments
a few months back I took the uber-bearish stance of fixing at 5% for only one year because I expect that between China hard landing, America falling off the fiscal cliff, and (cilvil) war breaking out all over Europe, the Great Recession will see NZ's OCR drop to stimulate growth down to hithero uncharted depths, and by June 2013 I'll get an even better rate.
So far so good.
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