More cuts to fixed home lending rates

CLAIRE ROGERS
Last updated 17:27 26/02/2013

Relevant offers

Money

NZ Mint seals $60m export deal to China Ticks, stars and 'no's: What do food labels mean? Use crowd power for better electricity deal Expensive meal plans not needed for weight loss: Nutritionist The expensive mistakes made by NZ's amateur landlords We love Kiwi-owned banks, Consumer NZ survey shows How to put a financial windfall to good use Do you want to know where your food comes from? Budget Buster: Don't miss out on your free Government cash Want to live til you're 90? Better live like a life insurer

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.

Ad Feedback

- BusinessDay.co.nz

Comments

Special offers

Featured Promotions

Sponsored Content