TSB will again match any home loan rate advertised and offered by an Australian-owned major bank. This offer ensures TSB clients can win lower rates for five of the eight rate options

TSB will again match any home loan rate advertised and offered by an Australian-owned major bank. This offer ensures TSB clients can win lower rates for five of the eight rate options

TSB has brought back its Price Match Promise for home loan rates.

From Wednesday, November 27 until Saturday, December 14, they will price match any nationally-advertised home lending rate offered by an Australian-owned bank.

The last time TSB offered this was in February this year and that offer ran until August 13, 2019.

TSB isn't changing its own rate card, but will match any fixed rate that is lower that its own. Currently, TSB's carded six month 'special' is 4.35% so this involves a -46 bps reduction for that fixed term. Their one year 'special' is 3.55% so the Promise involves another -16 bps reduction to match the Aussies. TSB has equally low rates for two and three years fixed. But for four and five years, they will accept 3.99% involving a -46 and -56 bps reduction respectively.

TSB actually has a lower 18 month rate than any Aussie bank, so it sits with a -25 bps advantage there compared with ASB who is the next lowest.

To get TSB's Price Match Promise, you need to ask for the lower matching rates. And they only apply to either new clients when negotiating, or existing clients who are negotiating either a new loan or a rollover arrangement. Existing TSB clients don't automatically get these offers.

Interestingly, TSB's floating rate is currently 5.29% while ANZ offers 5.19%, so new TSB clients could win a -10 bps savings here too. (Because floating rates are always up for revision at any time, presumably existing TSB clients only need to ask for this discount.)

Here is the full snapshot of the advertised fixed-term rates on offer from the key retail banks.

Fixed, below 80% LVR 6 mths  1 yr  18 mth  2 yrs   3 yrs  4 yrs  5 yrs 
as at November 26, 2019 % % % % % % %
               
ANZ 3.65 3.39 3.99 3.45 3.99 4.75 4.85
ASB 3.89 3.39 3.75 3.55 3.89 4.19 4.29
4.79 3.55 4.55 3.45 3.99 3.99 3.99
Kiwibank 4.29 3.39   3.55 3.89 3.99 3.99
Westpac 4.79 3.55 4.25 3.45 3.99 4.35 4.45
               
Bank of China 3.99 3.15 3.39 3.39 3.79 3.99 3.99
Co-operative Bank 3.49 3.49 3.59 3.59 3.89 3.99 4.09
China Construction Bank 4.70 3.15   3.15 3.19 3.30 3.45
ICBC 4.29 3.18 3.18 3.18 3.20 3.99 3.99
HSBC 4.19 3.35 3.35 3.35 3.35 3.35 3.35
HSBC 4.29 3.65 3.69 3.45 3.89 4.49 4.49
  4.35 3.55 3.55 3.45 3.89 4.45 4.55
Price Match Promise   3.89 3.39       3.99 3.99

In addition to the above table, BNZ has a unique fixed seven year rate of 5.70%.

All carded, or advertised, term deposit rates for all financial institutions for terms of less than one year are here, and for terms of one-to-five years are here. And term PIE rates are here.

Fixed mortgage rates

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ANZ advertised 1 year rate is 3.55%, not 3.39%, nor is there any advertising on their site indicating a price match?

See this. ANZ will offer 3.39% for one year to anyone who asks. We have that officially from ANZ, despite their website rates.

The table is supposed to show advertised rates, not internal policies. Seems very inconsistent.

"Existing TSB clients don't automatically get these offers."

Speaks volumes to the repayment of loyalty at that bank.

quite correct. whats the point in offering to existing customers, no gain in the short term to the bank. may as well grab some new customers from other banks. Bit stupid, but, unfortunately thats the reality.