Westpac has introduced a new one-year mortgage rate at 4.99% for borrowers with more than 20% equity in their homes.
Borrowers must draw down on the rate before September 30, Westpac said.
The new rate is 50 basis points below Westpac's regular one-year offer of 5.49%.
Westpac said the new rate was the lowest one-year rate it had offered in more than a decade.
The next lowest one-year rate offered by a bank is 5.25%, offered by Kiwibank, BNZ, and SBS/HBS. These rates do not have advertised equity covenants on them.
Last week Kiwibank replaced a special 4.99% six-month rate for borrowers with more than 30% equity in their homes with an 18-month offering of 5.19%
See and compare all mortgage rates here.
--------------------------------------------------------
Mortgage choices involve making a significant financial decision so it often pays to get professional advice.
A Roost mortgage broker can be contacted by following this link »
--------------------------------------------------------
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.