Westpac comes back with a new one year 'special' mortgage rate, matching ASB

Westpac comes back with a new one year 'special' mortgage rate, matching ASB

Westpac has reprised its 'special' one year fixed mortgage rate, after having dumped it a week ago.

The latest version is 5.15%. The previous version was 4.94%.

It is only available for borrowers with at least 20% equity in their home.

Salary credit to a Westpac transaction account is required to get this rate.

This new rate matches ASB's rate for the same term.

Banks are in the process of splitting their rate offers with one set for clients who are under the 80% LVR and another for those over 80% LVR.

Despite the higher rates for borrowers above the RBNZ imposed threshold, banks are still charging 'low equity premiums' as fees or margins on top of their >80% rates.

See all carded, or advertised, bank home loan rates here. 

  1 yr 18 mths 2 yrs 3 yrs 5 yrs
           
5.19% 5.59% 5.95% 6.50% 7.10%
ASB 5.15% 5.65% 5.70% 6.40% 6.99%
BNZ 5.39% 5.39% 5.95% 6.29% 7.10%
Kiwibank 5.25%   5.75% 5.99% 6.90%
Westpac 5.15% 5.75% 5.65% 6.50% 7.10%
           
Co-op Bank 4.99%   5.59% 6.20%  
HSBC Premier 4.75%   5.65% 6.35% 6.99%
SBS / HBS 4.95% 5.40% 5.45% 5.99% 6.55%
TSB 5.40% 5.65% 5.85% 6.45% 7.00%

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Spoke to my Westpac banking consultant yesterday - they are requiring 75-80% LVR lenders to also get a valulation. Then Westpac base their LVR calc on the lower of the valuation or the S&P agreement.