TSB has cut three rates substantially.
All these changes are for fixed home loan rates of three years and longer.
The cut for a three year fixed rate is -36 basis points, taking the new rate down to 4.49%. This is very competitive, although ASB has a lower rate for this term.
The cut for a four year fixed rate is -60 bps, taking its new rate down to 4.95% - which is the lowest four year rate in the market, and matching the ASB rate for that term.
The cut for five years is even more, down -70 bps and taking that fixed rate to 4.99%. That is also the market low, one that matches a Westpac 5 year fixed offer.
Hard on TSB's heals, ANZ has also announced cuts.
ANZ has cut -10 bps from its one year fixed rate 'special' taking it down to 4.19%. ANZ is matching both Kiwibank and SBS Bank.
Its two year fixed rate 'special' has been cut by -14 bps to 4.35%.
And its three year 'special' has been sliced by the same amount as by TSB, down -36 bps to 4.49%.
In addition it has cut standard rates as well. Of these, ANZ's 18 month rate is down by -30 bps to 4.85%. -30 bps has also been cut from its four and five year rates to 5.55% and 5.69% respectively. Neither is market leading.
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 September 12, 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%.