ASB and sister entities Sovereign and BankDirect have cut their advertised, or carded, two-year home loan rate to the lowest advertised rate in the market that doesn't require the borrower to have a certain amount of equity in their property, and will throw in a Samsung Galaxy tablet and up to NZ$1,000 cash.
As reported by interest.co.nz yesterday, ASB has cut its two-year home loan rate by 25 basis points to 5.25%. Although this rate is 26 basis points higher than the 4.99% two-year rate offered by Kiwibank, to be eligible for the state owned bank's offer borrowers must have at least 30% equity in their property.
“This reduced 2 year rate launches our annual spring home loan campaign, which marks the traditional increased activity in house sales over the warmer months," Shaun Drylie, ASB's general manager for retail products and strategy, said.
"We are pleased to offer this fantastic rate regardless of a customer’s loan to value ratio, and new home loan customers will also receive a free Samsung Galaxy tablet and up to $1,000 cash,” Drylie added.
He also said new and existing ASB customers who fix at least NZ$100,000 for three, four or five years will also receive a Samsung Galaxy tablet.
TSB, which has been running advertisements targeting National Bank customers since ANZ announced the phasing out of the National Bank brand over two years last week, is offering National Bank customers Visa credit cards with NZ$500 loaded on them if they switch over and has also been offering six month magazine subscriptions and saying National Bank customers switching will go into a draw to win an iPad.