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Rates slashed as mortgage wars heat up

Kiwi mortgage interest rates reached a new low today as several major banks slashed their offerings.

Friday, February 13th 2015, 4:31PM

by Miriam Bell

While Westpac and ASB were first off the ranks this morning, their new rates were soon trumped by Kiwibank and HSBC.

It is HSBC's new rates which are currently leading the field.

The bank is now offering a flat 5.29% rate for all its fixed term home loans up to five years.

HSBC New Zealand's head of retail banking and wealth management Glen Tonks said the current low interest rate environment made the offer possible.

However, the 5.29% rate is only on offer for a short time to new HSBC Premier customers, and existing HSBC Premier customers who borrow an additional $100,000 or more.

To qualify customers must have at least 20% deposit or equity, and have their salary credited to a HSBC transaction account.

Meanwhile, Kiwibank's cuts, which come into effect Monday, see drops in its three, four and five-year rates.

The new three year rate will be 5.55% p.a, the four year rate will be  5.99%, and the five year rate will be 5.79%.

However, these rates are "specials" and will only be available for a short time.

Westpac reduced its two year 'special' to 5.49% and all its standard rates from one year to five years, while ASB made cuts to its five-year fixed rate special (now 5.75%) and its two-year fixed rate special (now 5.39%).

Tags: HSBC Kiwibank Mortgage Rates Westpac

« ASB reports strong profit but dip in home loan market shareKiwibank back in low-deposit business »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 4.45 4.49 4.69
ANZ Special - 3.95 3.99 4.19
ASB Bank 5.80 4.49 4.49 4.45
ASB Bank Special - 4.09 3.99 3.95
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.05 3.99 3.95
BNZ - Std, FlyBuys 5.90 4.69 4.59 4.79
BNZ - TotalMoney 5.90 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.20 5.25 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.70 4.85 -
Housing NZ Corp 5.80 4.69 4.79 4.79
HSBC Premier 5.89 3.99 3.99 4.39
HSBC Premier LVR > 80% - - - -
HSBC Special - 3.69 3.69 3.95
Lender Flt 1yr 2yr 3yr
ICBC 5.79 3.99 3.99 4.49
Kiwibank 5.80 4.80 4.94 ▼4.84
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.05 3.99 ▼4.09
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.46 4.69
RESIMAC Special - - - -
SBS Bank 5.89 4.85 5.05 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 4.05 3.99 4.49
Sovereign 5.90 4.49 4.49 4.45
Sovereign Special - 4.09 3.99 3.95
The Co-operative Bank - Owner Occ 5.75 3.99 4.15 4.35
The Co-operative Bank - Standard 5.75 4.49 4.65 4.85
TSB Bank 5.80 4.55 4.49 4.65
TSB Special - 4.05 3.99 4.15
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.69 4.79 5.19
Westpac - Offset 5.95 - - -
Westpac Special - 4.05 3.99 3.95
Median 5.89 4.49 4.49 4.47

Last updated: 17 April 2019 8:49am

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