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TSB Bank cuts two 'special' home loan rates further, adds a new 'special' for five years

TSB Bank cuts two 'special' home loan rates further, adds a new 'special' for five years

In an update posted on their website this morning, TSB Bank has cut two of its 'special' home loan rate offers and added a new one.

It has cut its two year 'special' to 5.35% from 5.50%, and cut its three year 'special' to 5.60%, down -35 bps.

It has also added a new 5 year 'special' of 5.85%.

While these are substantial reductions, none are market-leading or threaten the low rate offers of HSBC or SBS Bank.

They do however position TSB Bank with rates lower than those offered by the main five banks.

And TSB Bank is the only home loan lender offering a ten year fixed rate, at 5.89%.

TSB Bank's non-rate incentives are unchanged.

Today's changes are the fourth rate adjustment this week by New Zealand banks, all of them lower.

The week started with BNZ cutting its three year rate to 5.59%.

This was followed by Chinese bank ICBC moving all its rates down to match local market conditions.

And then the Co-opertaive Bank also trimmed its two and three year rate offers.

There were no changes from either HSBC or SBS Bank this week who hold the market-leading positions for all fixed rate offers from 1 to 5 years.

See all banks' carded, or advertised, home loan rates here.

The current non-rate incentive offers are here.

This is how mortgage rates from the banks compare on Friday, February 20, 2015:

below 80% LVR 1 yr 18 mths 2 yrs 3 yrs 4 yrs 5 yrs
             
5.39% 6.09% 5.39% 5.79% 6.49% 5.89%
ASB 5.59% 5.70% 5.39% 5.59% 5.99% 5.75%
5.69% 6.09% 5.39% 5.59% 6.49% 5.79%
Kiwibank 5.69%   5.55% 5.55% 5.99% 5.79%
Westpac 5.99% 6.09% 5.49% 5.89% 6.49% 5.99%
             
5.59% 5.49% 5.39% 5.59% 5.89% 5.89%
HSBC 5.29%   5.29% 5.29% 5.29% 5.29%
SBS Bank 5.59% 5.74% 5.19% 5.49%   5.79%
5.70% 5.80% 5.35% 5.60% 6.40% 5.85%

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Mortgage choices involve making a significant financial decision so it often pays to get professional advice. An AMP360 mortgage broker can be contacted by following this link »
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Fixed mortgage rates

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1 Comments

How about this rate? 1.18% fixed in the UK.   Yep, 1.18%     

http://www.dailymail.co.uk/money/mortgageshome/article-2959909/How-low-mortgages-YBS-launches-two-year-fix-1-18.html

 

how low will mortgage rates go?  Across the globe.  

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