Mortgage market gets competitive as NZ banks cut rates

by Krizzel Canlas21 Aug 2018

New Zealand banks have been refreshing their home loan offerings through a number of mortgage rates cut.  

Last week, Kiwibank cut its one-year “special” mortgage rate by 20 points to 3.99. Westpac, meanwhile, trimmed its five-year “special” rate by 60 points to 4.99%, according to a report from interest.co.nz.

Yesterday, TSB reportedly made rate reductions in both its “special” and carded mortgage rates. Changes include: 2-year fixed special to 4.29%, 2-year fixed carded to 4.79%, 18 months fixed special to 4.29% and 18 months fixed carded to 4.79%.

The publication said mortgage cuts follows the Reserve Bank of New Zealand’s (RBNZ) announcement that the Official Cash Rate (OCR) will remain at its current level at 1.75% until 2020.

 

Related stories:
Mortgage rates are set to fall – Westpac
Kiwibank to provide first-home buyers 90% mortgages

 

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