Both ANZ and the Co-operative Bank have announced fixed home loan rate cuts.
The ANZ change is a simple one. They have matched Kiwibank's new two year 'special' rate of 5.55%.
That is a deduction of -20 bps from the level of their previous 'special' for that term.
At the same time they have reduced their standard two year rate to 6.09%, down -10 bps from 6.19%.
But the more interesting changes are coming from the Co-operative Bank.
They have cut rates for all terms from one to five years.
The Co-op Bank's new one year fixed home loan rate is now 5.59%, a reduction of -10 bps.
They have adopted the 5.59% level for their 18 month and two year terms as well and for eighteen months, that is now the market leading rate.
Their three year rate has been cut to 5.74%, a reduction of -25 bps.
Their four year rate has been lowered by -41 bps to 5.99% which matches ASB's 'special' for that term.
And for five years their new rate is 6.25% which is a -24 bps reduction.
All the Co-operative Bank's rates are 'standard' rates and don't have 'special' conditions.
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 Wednesday, January 21, 2015:
| below 80% LVR | 1 yr | 18 mths | 2 yrs | 3 yrs | 4 yrs | 5 yrs |
 |
5.59% | 5.70% | 5.55% | 5.99% | 6.49% | 6.59% |
 |
5.59% | 5.70% | 5.75% | 5.59% | 5.99% | 6.49% |
 |
5.69% | 6.09% | 5.75% | 5.59% | 6.49% | 6.59% |
 |
5.69% | 5.55% | 5.89% | 6.39% | 6.49% | |
 |
6.09% | 5.75% | 6.39% | 5.99% | 6.79% | 6.49% |
| Co-op Bank | 5.59% | 5.59% | 5.59% | 5.74% | 5.99% | 6.25% |
 |
5.45% | 5.65% | 5.99% | 6.49% | 6.79% | |
| SBS Bank | 5.59% | 5.74% | 5.49% | 5.69% | 6.19% | |
 |
5.70% | 5.90% | 5.70% | 5.95% | 6.40% | 6.50% |
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Mortgage choices involve making a significant financial decision so it often pays to get professional advice. An AMP mortgage broker can be contacted by following this link »
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