(Updated to record the ending of ANZ's 3 year 'special'.)
ANZ says it's launching a 6.09% two-year, fixed-term home loan interest rate offer, undercutting carded, or advertised, two-year rates from the other big banks.
ANZ says the offer will be made for a limited time and will see customers offered up to $3,000 cash for new lending of $250,000 or more, although there are conditions. The offer's available from tomorrow (Saturday), and borrowers require at least 20% equity.
The bank says once customers draw down a home loan, they're automatically in its draw to win back their home loan repayments for a year.
At the same time, it has ended its three year 'special'.
“With interest rates on the rise, more customers are choosing to move to fixed rate home loans," said Fred Ohlsson, ANZ's managing director of retail & business banking.
“We are responding with a competitive rate and our cash offer gives homebuyers a little extra to spend on making their house a home, in whichever way they choose."
ANZ says the following conditions apply:
The cash offer will be available until 31 August 2014.
New lending must be approved from 12 July to 31 August and drawn down by 30 September 2014.
Cash available for new lending over $100,000 and tiered depending on loan amount ($1,500 for new lending of $100,000 to $249,999, and $3,000 for new lending of $250,000 or more).
The special rate will be available to homebuyers with at least 20% equity, and will have specific lending criteria, terms and conditions.
To stay updated with the latest rates, see all banks' carded, or advertised, home loan rates here.
This is how the updated ANZ mortgage rates compare as at 1:00 pm Friday, July 11, 2014:
| below 80% LVR | 1 yr | 18 mths | 2 yrs | 3 yrs | 5 yrs |
 |
6.05% | 6.25% | 6.09% | 6.65% | 7.15% |
 |
5.95% | 6.30% | 6.40% | 6.65% | 6.99% |
 |
5.99% | 6.25% | 6.39% | 6.25% | 6.99% |
| Kiwibank | 5.99% | 6.29% | 6.29% | 6.95% | |
 |
5.95% | 6.30% | 6.39% | 6.65% | 6.99% |
| Co-op Bank | 6.00% | 6.00% | 6.00% | 6.25% | 6.89% |
 |
5.85% | 5.99% | 6.25% | 6.99% | |
 |
5.85% | 5.99% | 6.20% | 5.95% | 6.79% |
| TSB Bank | 5.85% | 6.05% | 5.80% | 6.60% | 7.20% |
--------------------------------------------------------------
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 »
--------------------------------------------------------------
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.