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Fixed rate mortgages below 5% are about to disappear from the market
Special advisory: (Corrected)
Westpac have said that their 4.95% p.a. limited time special on their 6 month and 1 year fixed mortgage rates, where LVR <80%, will expire on Sunday, 20 January, 2013.
These are the only 4.95% rates left in the market*.
These were the last 4.95% rates left in the market offered by one of the big banks. TSB Bank is still offering 4.95% for a fixed 15 month term, and HSBC still offers 4.85% for six months*.
SBS/HBS removed their 6 month rate earlier this week, and ANZ removed theirs before Christmas.
Without a replacement, the Westpac rates will revert to their standard rates for these terms of 5.40%.
(* HSBC does have a six month rate of 4.85% for their Premier customers, but to qualify you need to meet special criteria of a minimum value of NZD500,000 in home loans with HSBC in New Zealand (facility limit not outstanding balance); and/or a minimum value of NZD100,000 in savings and investments with HSBC in New Zealand.)