Westpac has added a new 'special' mortgage rate of 4.99% for two years fixed.
This replaces the 4.95% rate the bank had for fixed-term loans of 6 and 12 months, that ended on January 20, with loan-to-valuation ratios of less than 80%.
Criteria includes minimum new lending of $50,000 and minimum equity of 20%.
It has been announced as a 'limited time' special, and Westpac's website suggests that it will expire on January 31, 2012.
Westpac's 'cashback' offers don't apply to this special.
This makes Westpac the bank with the lowest advertised two-year fixed offer at present.
However, TSB Bank is still offering 4.95% for a fixed 15 month term.
Westpac's standard two-year fixed rate is unchanged at 5.40%. Yesterday ASB increased its two-year fixed rate offer to 5.45%.
All current mortgage rates are set out on our comprehensive mortgage rate page, here »
The following table sets out the relative position of all banks for a fixed term of two years.
| ANZ | 5.39% |
| ASB | 5.45% |
| BNZ - Classic | 5.40% |
| Co-operative Bank | 5.35% |
| Heartland Bank | 6.50% |
| HSBC Premier | 5.39% |
| Kiwibank | 5.25% |
| SBS / HBS | 5.30% |
| TSB Bank | 5.30% |
| Westpac - special | 4.99% |
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Mortgage choices involve making a significant financial decision so it often pays to get professional advice. A Roost mortgage broker can be contacted by following this link »
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