Offerings are the lowest on record, firms say
New Zealand’s largest home loan lender, ANZ Banks New Zealand, has announced a 3.95% p.a. fixed for one year, which is believed to be its lowest home loan rate on record.
The special rate will run from November 11 until December 2 and is available for home loan customers with a minimum 20% equity.
New Zealanders traditionally started to look to buy new homes or trade up from around November, so the rate would only be available for a limited time, according to ANZ managing director retail and business banking Antonia Watson. ANZ’s fixed two-year rates, she noted, would also drop – from 4.35% p.a. to 4.29% p.a.
“Around 80% of ANZ customers have fixed rate home loans, with a significant portion fixing for one year,” Watson said. “This offer has the potential to benefit a large number of our customers.”
Leading financial institution BNZ, meanwhile, announced it will offer a new 3.99% mortgage rate fixed for two years, from November 13 to 30. It will be available to residential owner-occupiers with at least 20% equity.
It comes at a good time for homeowners and new buyers as the spring home-buying season is getting into full swing, BNZ chief economist Tony Alexander said.
“The new two-year fixed rate highlights BNZ’s commitment to help more New Zealanders realise their home ownership ambitions,” BNZ general manager retail network Logan Munro added.
BNZ is encouraging potential first home buyers or anyone considering changing their home lending arrangement to get in touch.
