ASB's new one year deal

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ASB and Bank Direct have new one-year fixed home loan rate specials and Westpac likely to join them.

Wednesday, May 29th 2013, 8:38AM

Activity has picked up in this part of the market after ANZ launched what it calls its "best-ever" home loan rate deal last week.

The rate is sub-5%, LVR restricted and also has a new twist.

To be eligible for this rate borrowers have to have a number of other bank products

ASB and Bank Direct have done the same thing with a one-year fixed housing special rate of 4.95%.

This special rate is subject to customers having the following:

• minimum of 20% equity (i.e. an LVR of ≤80%)
• an existing ASB credit card and
• their main bank transaction account with ASB.
• This special rate does not apply to package or other ASB discounts.

It has identical conditions for Bank Direct customers.

ASB and Bank Direct's standard one-year fixed rate remains at 5.19%.

Meanwhile Westpac has a special one-year rate of 4.94%, with all the same types of terms and conditions.

It has also increased its two-year rate five basis points.

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