More cuts to fixed home lending rates

Last updated 17:27 26/02/2013

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The mortgage rate battle continues, with HSBC saying its new three-year rate for Premier customers is the lowest offered for that time period by any New Zealand bank in a decade.

The HSBC Premier three-year rate is now 4.99 per cent per annum, down 75 basis points, but conditions do apply.

Customers can also sign up for fixed rates at 4.99 per cent per annum for one or two years, at 5.5 per cent for four years, and 5.75 per cent for five years.

The offers are open for a limited time to new HSBC Premier customers and existing Premier customers who borrow an additional $100,000.

To become a Premier customer, individuals need either a minimum combined home loan of $500,000 or $100,000 in savings and investments.

The loan offers follow recent mortgage rate cuts by other banks.

Westpac this month introduced a one-year fixed rate of 4.89 per cent, three years at 5.39 per cent and five years at 5.75 per cent.

The rates are conditional on at least 20 per cent equity and minimum new borrowing of $100,000.

This week BNZ launched two new home-loan rates for 18-month fixed terms. Its Classic rate is now 5.19 per cent, while its GlobalPlus product now offers an 18-month rate of 5.5 per cent. The rates are available until March 8.

Kiwibank took the knife to its six-month rate this month, slashing almost half a per cent to 4.79 per cent.

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