It matches that of one of its local home loan rivals
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ANZ has announced that it has set a new lower one-year fixed mortgage rate to match that of Kiwibank, interest.co.nz reports.
The bank confirmed that the latest rate could match Kiwibank’s one-year home lending rate of 3.39% “for ANZ customers, subject to terms and conditions,” and it even boosted its one-year term deposit rate by +5bps to 2.75% as the cherry on top.
There’s still no sign of term deposit changes, although the current one-year TD rate is 2.65%.
Read more: Now is the best time to look for a new home loan deal – brokers
The competition has only just begun for the two banks, as seen in their cashback promotions.
Kiwibank has a cashback promotion of $3,000 for customers who will switch to it from an Aussie-owned bank as long as they borrow at least $250,000 and stay with the bank for a minimum of three years.
Meanwhile, ANZ’s cashback promotion terms were for newbies who will borrow $200,000 with new residential security provided. It also requires the customer to maintain all of their banking and home lending with the bank for three years.
