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%.

All current mortgage rates are set out on our comprehensive mortgage rate page, here »

(* 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.)

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According to my broker banks are most likely to be on the verge of releasing fresh new low rates - summer specials etc.

Floating 5.00% and 2 yrs fixed at 4.95% still available from most Aussie banks - all you need to do is hit them up for a deal - anybody who just runs with published bank rates is a fool!

Too true bigblue.. Statement 1 "Is that your best offer?", Statement 2 "I've got quotes from X, Y & Z Bank and you're not quite at the money", Statement 3 "Goodbye"

ive been floating at 5% for over a year now

Halfway through a 6month fixed at 4.95.  Intend to just keep fixing @ 6months. Sort of like a soggy float. Relatively quickly reverts to a floating rate anyway. 

I wouldn't panic about rising rates just yet.