Sister banks ANZ and National have launched a "special limited time only" one-year fixed-term home loan rate of 5.50%.
On its website ANZ, which is an official sponsor of the Rugby World Cup, says it's celebrating the tournament with a special home loan rate. The "special" is also featured on the National Bank website. The temporary ANZ and National Bank interest rate is the lowest one-year fixed term rate advertised by a major bank. See all bank advertised home loan rates here.
It also undercuts the ANZ and National Bank's advertised floating, or variable, rate of 5.74%. ANZ and National, both part of ANZ New Zealand, don't say how long the limited time offer will be open.
The "special" offer comes as Real Estate Institute of New Zealand figures show a sluggish spring housing market with house sales volumes up just 43 in September from August to 5,235,and the national median house price down by NZ$5,000, or -1.4%, to NZ$350,000.
However, the latest Reserve Bank mortgage approvals data shows 5,310 home loans were approved in the week to October 7, up 9.2% annually based on a comparison of the most recent 13 weeks of data versus the same 13 weeks last year. At NZ$804 million, the value of approvals is up 29% based on the same comparison.
The ANZ and National Bank's move to temporarily drop their one-year fixed-term mortgage rate follows on from similar moves by Kiwibank with both its one-year fixed and six-month fixed-term rates earlier this year.