Now that the main changes have passed through the banking system following the recent RBNZ OCR cut, now is the time to see where carded rates have settled.
And late on Friday, TSB Bank announced mortgage rate reductions.
Here is a list of the lowest carded rates as at 8am Monday, September 21, 2015.
| Term | Rank | Bank | Carded Rate % |
Conditions |
| Floating | 1= |  |
5.89% | Total Money |
| 1= |  |
5.89% | Standard | |
| 6 mths Fixed | 1 | ICBC | 4.69% | Standard |
| 2 |  |
4.99% | Special | |
| 1 year Fixed | 1= | |
4.35% | Special |
| 1= | |
4.35% | Classic | |
| 18 mths Fixed | 1= | |
4.69% | Special |
| 1= |
|
4.69% | Special | |
| 1= |  |
4.69% | Special | |
| 2 years Fixed | 1= |  |
4.49% | Premier Special |
| 1= | |
4.49% | Special | |
| 3 years Fixed | 1 | |
4.49% | Premier Special |
| 2= | |
4.79% | Special | |
| 2= | |
4.79% | Special | |
| 4 years Fixed | 1 | |
4.99% | Special |
| 2 | |
5.09% | Premier | |
| 5 years Fixed | 1 | |
5.09% | Special |
| 2 | |
5.29% | Premier | |
| 7 years Fixed | 1 | |
5.99% | Standard |
| 10 years Fixed | 1 | |
5.75% | Special |
Rates listed with 'special' conditions generally indicate that you will need at least 20% equity in the property secured. These rates apply for residential lending. Other rates or conditions may apply for investors.
Borrowers should always negotiate for lower than carded rates, especially if you have equity of 20% or greater. Talking to your bank's main rivals and knowing what they will offer is the best way to start negotiations with your bank.
These rates are now the lowest retail rates ever offered in New Zealand in modern times for housing. Only the Government subsidised post-WWII 3% rate for returning servicemen from the then-State Advances Corporation have been lower.
See all banks advertised, or carded, residential mortgage rates here.
The new floating and fixed mortgage rates now compare across all main banks as follows:
| below 80% LVR | Floating | 1 yr | 18mth | 2 yrs | 3 yrs | 5 yrs |
| % | % | % | % | % | ||
 |
5.99 | 4.49 | 5.09 | 4.65 | 5.25 | 5.49 |
|
6.00 | 4.35 | 4.69 | 4.69 | 4.79 | 5.09 |
|
5.89 | 4.35 | 4.69 | 5.19 | 5.65 | |
 |
5.90 | 4.49 | 4.59 | 4.85 | 5.35 | |
 |
6.00 | 4.99 | 5.19 | 4.69 | 5.19 | 5.65 |
|
5.95 | 4.69 | 4.79 | 4.59 | 4.99 | 5.49 |
|
6.35 | 4.49 | 4.49 | 4.49 | 5.29 | |
|
|
5.89 | 4.69 | 4.69 | 4.69 | 4.99 | 5.59 |
|
5.99 | 4.55 | 4.69 | 4.49 | 4.79 | 5.50 |
We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.