Last week finished on a high note with TSB Bank reducing its four and five-year fixed rates. Its four-year rate dropped 30 points to 8.20% and its five-year rate fell 15 points to 8.50%.
ASB, BankDirect and Sovereign also made welcome reductions to its longer term fixed rates. All three lenders dropped their 18-month terms by 35 basis points, two-year rates were cut 45 points and three-year rates went down by 25. NZ Home Loans made the same adjustments to its two and three-year rates.
ASB's two and three-year rates of 7.10% and 7.70% respectively are now the lowest offered by a major bank.
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