(Updated with information on the HSBC one year rate.)
This morning, Westpac has matched BNZ with two new home loan 'specials'.
Westpac have reduced their one year <80 LVR rate to 4.95% from 5.15%.
And they have introduced a new three year 'special' rate of 5.99%.
Both changes are the same as those announced by BNZ yesterday, and expand the number of banks offering sub 5% and sub 6% mortgage rates.
With reports of less first home buyer activity in the market, banks are now having to compete fiercely for existing home loan borrowers and are focusing their offers on <80% LVR business.
However, first home buyers still have a substantial option available by using the Government's Welcome Home Loan product which is excluded from the RBNZ speed limit restrictions.
Westpac is one of five banks qualified to offer this product. (It is not offered by rivals ANZ, ASB or BNZ.)
See all carded, or advertised, bank home loan rates here.
| below 80% LVR | 1 yr | 18 mths | 2 yrs | 3 yrs | 5 yrs |
 |
5.19% | 5.59% | 5.95% | 6.50% | 7.10% |
 |
5.15% | 5.65% | 5.59% | 6.40% | 6.99% |
| BNZ | 4.95% | 5.80% | 5.95% | 5.99% | 6.99% |
| Kiwibank | 5.25% | 5.65% | 6.40% | 6.90% | |
 |
4.95% | 5.75% | 5.59% | 5.99% | 7.10% |
| Co-op Bank | 4.99% | 5.59% | 6.20% | ||
 |
4.75%* | 5.65% | 6.35% | 6.99% | |
| SBS / HBS | 5.20% | 5.45% | 5.45% | 5.99% | 6.55% |
| TSB | 5.40% | 5.40% | 5.85% | 6.45% | 7.00% |
*Update: HSBC will be ending its one year Premier Special as at the end of business today - November 20. It will be replace by a new regular rate of 5.10%.
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