Following home loan reductions by both ASB and BNZ today, ANZ has announced one of its own.
It is reducing its one year fixed rate 'special' by -10 bps, taking the rate down to 4.25%.
That makes it the lowest one year carded offer from any bank other than the 4.19% offer by HSBC Premier. It undercuts all its main bank rivals.
It will only be available until April 30, 2018.
As a 'special', it requires at least 20% equity in the property, and customers need to have an ANZ transactional account with salary direct credited. Plus new home loan customers need to commit to one other ANZ 'product'.
This change, along with the others announced today, come as wholesale swap rates are on the move up for terms of three years and less. Since the beginning of March the one year swap rate has risen from 2.02% to 2.15% with most of that increase happening in the past few days. The two year swap rate has risen from 2.19% to 2.29%.
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%.