Kiwibank is back with a new competitive home loan rate.
It has announced a 4.29% one-year fixed rate 'special'. This is a -6 basis points reduction from the bank's previous rate.
It is also the lowest level of any one-year advertised rate in the market at present, other than the 4.19% HSBC Premier offer.
It has nudged ASB's 4.30% rate off that position, and is -6 to -10 basis points lower than the advertised, or carded, offers from the other large banks. And it bests all the challenger banks (other than HSBC Premier).
The BNZ move came with a few rises in key term deposit rates - so far, there has been no equivalent announcement from Kiwibank of term deposit rate changes.
(Kiwibank's standard one-year rate is 4.79%, if you can't meet their condition of 20% equity in the property being borrowed against).
Here is the full snapshot of the fixed-term rates on offer from the key retail banks.
|below 80% LVR||6 mths||1 yr||18 mth||2 yrs||3 yrs||4 yrs||5 yrs|
|as at March 23, 2018||%||%||%||%||%||%||%|
In addition to the above table, BNZ has a fixed seven year rate which is 6.15%.
And TSB still has a 10-year fixed rate of 6.20%.