TSB has found it can't quite live with its mortgage rate offers and has decided to match its rivals with some near market leading rates.
This change is coming as the Autumn home selling season winds down and real estate market transaction volumes go into their seasonal decline.
TSB is matching Kiwibank's 4.29% one year rate, a drop of -20 basis points.
And it is matching ASB's eighteen month 4.39% rate, a drop of -26 bps.
This shift shorter has seen them push their previous 4.39% rate for two years fixed back up to 4.55% but that still bests most of its rivals.
In fact, only HSBC Premier has lower rates for each of these terms.
The last time TSB last changed 'special' mortgage rates was in early February.
A minimum deposit of 20% is required for home loan special interest rates. Residential loans with less than a 20% deposit are subject to availability of funds and may incur an additional low equity interest rate, while the loan exceeds 80% of the value of the home.
At the same time, TSB has cut -10 bps off some of its key savings account products (and for the odd tier, -15 bps). These reductions cover their Premier Cheque, WebSaver and Horizon Savings accounts
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 April 3, 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%.