Non-major drops rate to market leading low

by NZ Adviser04 May 2016
TSB Bank has dropped its two-year fixed rate to 4.19%, leading the market in that home loan category, according to the Canstar database, where its weekly update showed the rate will only be available until May 31.

Kiwibank and Heartland Bank were next in line for lowest two-year fixed rates, both standing at 4.25% for a deposit amount of at least 20%.

The average two-year fixed rate in the residential home loans market  was 4.61% and in the investment home loan market, the average standard floating rate was also 5.62%.

Veda data also revealed mortgage applications have risen 11.6% in the three months ended March, compared with the previous corresponding period.

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