Cuts to three-year, fixed-term home loan rates from BNZ and Kiwibank; Kiwibank ends five-year 'special'

Cuts to three-year, fixed-term home loan rates from BNZ and Kiwibank; Kiwibank ends five-year 'special'

BNZ and Kiwibank have both cut carded, or advertised, three-year home loan rates.

BNZ has cut its by 24 basis points to 5.85%, and Kiwibank has dropped its by 20 basis points to 5.89%.

SBS Bank still has the lowest advertised three-year bank home loan rate at 5.69%.

BNZ has removed its three-year Classic offer and the new rates are available for its Standard, FlyBuys and GlobalPlus products. BNZ has also added a new one-year Classic rate of 5.69% matching most of its main rivals.

BNZ's $3,000 cash incentive offer is also still one of the fattest in the market at this time.

Kiwibank says effective from Monday, November 24, it'll be removing its five-year 5.99% "special" and introducing a three-year "special" of 5.89% for lending with minimum 20% equity. Kiwibank offers a $2,000 cash incentive with new lending of more than $100,000 when everyday banking is moved to Kiwibank. Kiwibank's new five-year rate will be 6.69%.

For borrowers without 20% equity, Kiwibank's standard two and three-year rates are 6.19% and 6.55%, respectively.

(The previous BNZ rate change was on Monday, November 10, 2014 here.)

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

The current non-rate incentive offers are here.

This is how the updated mortgage rates will compare as at 8:00 am Friday, November 21, 2014:

below 80% LVR 1 yr 18 mths 2 yrs 3 yrs 4 yrs 5 yrs
             
5.69% 6.25% 5.75% 6.09% 6.79% 6.99%
ASB 5.70% 6.09% 5.75% 5.99% 5.99% 6.49%
5.69% 6.09% 5.75% 5.85% 6.49% 6.59%
Kiwibank 5.69%   5.75% 5.89% 6.59% 6.69%
Westpac 6.09% 5.75% 6.39% 5.99% 6.79% 6.49%
             
Co-op Bank 5.70% 5.75% 5.75% 6.09% 6.40% 6.49%
HSBC 5.39%   5.75% 5.99% 6.79% 6.99%
SBS Bank 5.59% 5.74% 5.49% 5.69%   6.19%
5.70% 5.90% 5.70% 6.20% 6.65% 6.85%

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Mortgage choices involve making a significant financial decision so it often pays to get professional advice. A Roost mortgage broker can be contacted by following this link »
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The bank has now updated its website to reflect the new Classic 1 year rate and this is what the updated BNZ mortgage rate offers currently look like:

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