Banks cut one-year rates ahead of OCR
Two banks have today cut their one year fixed mortgage rate, with one going below the 5% mark.
Monday, April 22nd 2013, 6:31AM
The Co-operative Bank has reduced its one-year rate from 5.25% to 4.99%.
Meanwhile ASB dropped its rate from 5.45% to 5.19%. This change has also been made to its online subsidiary, Bank Direct, its insurance company Sovereign and to NZ Home Loans.
ASB’s move aligns it with ANZ and Westpac who already offer a one-year fixed mortgage rate of 5.19%.
To see how they compare with other lenders click here were we have sorted the rates table from lowest to highest one-year rate.
You will see the new rates are not the lowest in the market, however they have no restrictions on them.
One of the lower rates is from HSBC however to qualify for that rate there are specific requirements.
The other change is that The Co-operative Bank has removed its three-year special and the rate reverts to 5.75%
| « No move in OCR yet: Economists | SBS goes under 5% across the board » |
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