BNZ has a new two year special rate of 4.19% and also a special rate for its three year fixed at 4.49%.
’s two year rate sits at 4.19% and Kiwibank last week announced a 3.99% two year rate making it a market-leading low.
According to the latest update from Canstar, the next-lowest 2 year fixed advertised rate on the canstar.co.nz
database is 4.19 percent, offered by a number of insitutions (ASB
, NZHL, Sovereign
, TSB and Westpac
Canstar general manager for New Zealand, Jose George
said, “An interesting trend that we have observed in Australia over the past month has been a high level of competition in the 2 year fixed-rate home loan space. So Kiwibank’s move in dropping its two year fixed rate to below four percent is very interesting; it could be the start of a two year fixed rate war in New Zealand as well and the good news is that borrowers will benefit.
, New Zealand home Loans and Sovereign
all dropped their two year fixed rates earlier this month, with Westpac
following suit last week. Kiwibank’s aggressive move, though, is somewhat of a game-changer.”
Currently the highest, lowest and average home loan rates on Canstar’s database are as follows:
|Table: Home Loan Market - Snapshot of the current market (16/05/2016)
||1 Year Fixed
||2 Year Fixed
||3 Year Fixed
||4 Year Fixed
||5 Year Fixed
|Source: www.canstar.co.nz, the search results do not include all home loan providers, and may not include all features relevant to you.