CBS Canterbury enters wars

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CBS Canterbury has entered into the home loan battle offering a competitive one-year fixed rate.

Wednesday, January 28th 2009, 10:31PM

It says that it had "prudently chosen to have higher than usual levels of liquidity," but it has changed that stance and is now able to make some of that available for residential lending "at a rate that we have not seen for some time."

CBS Canterbury has introduced a special 1 year fixed rate at 5.75%.

"New Zealand’s houses are currently the most affordable in four years, so it presents an excellent opportunity for first home buyers, property investors, or those considering home alterations," CBS chief executive Bryan Inch says.

"Equally it may be very timely for those refinancing from another bank, or those who would like to purchase a property rather than be paying rent."

There are conditions to the offer including it must be new lending only. For owner occupied property the maximum LVR is 80%, but for tenanted and investment property it is up to 70%.

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