Westpac Bank announced today it has cut rates on its two year special and increased its three year special while BNZ has introduced a new 18 month fixed term rate.
Effective today, Westpac's two year fixed special rate will drop by 0.10% to 4.39%p.a. (from 4.49%) and its three year fixed special rate will rise by 0.16% to 4.65%p.a. (from 4.49%)
Conditions include at least 20% equity and the special is not available for customers that have Choices lending for business purposes and is also not available with package discounts.
Westpac has also made changes to its interest only loan term, reducing the maximum interest only term for Choices Home Loans from 30 years down to 15 years, with no impact on any existing loans or approvals, effective immediately.
BNZ has added a new 18-month fixed term rate of 5.09% to its Standard and Fly Buys home loans for new customers, with at least 20% equity and 30% for investment property in Auckland.
"We make interest rate changes quite regularly just to look at where there are gaps in the market where we can offer something that's a bit unusual or different and this is the latest iteration of that," BNZ external relations manager Katherine Cornish told NZ Adviser
"We've been market leading for quite a while now and this is an alternative offering for people."