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Westpac, ANZ, TSB ramp up offers

ANZ has cut its one year special to 3.95% while Westpac has cut its three year rate below 4%, as prices continue to plummet for Kiwi borrowers.

Tuesday, April 9th 2019, 9:08AM

ANZ has opted to take on the short-term market with its one-year special, at 3.95%, which launches this morning. The offer requires customers to have an ANZ account with a linked salary, and borrowers need 20% equity in their home. The offer edges HSBC Premier's 3.99% and is the cheapest offered through the adviser channel. It runs until further notice.

The major lender has also cut the price of its one year carded rate, three year special and carded rates, as well as its four and five year carded rates. The move comes as banks across the market react to the prospect of a possible Official Cash Rate cut after the Reserve Bank shifted to an easing bias last week. Cheaper wholesale interest rates have also underpinned the falling prices.

Antonia Watson, ANZ managing director for retail and business banking,(pictured), said the cuts were prompted by the Reserve Bank's recent comments. “The current low-interest rate environment not only presents an opportunity for new home buyers, but for existing home loan customers to pay off as much of their debt as possible.”

Not to be outdone, Westpac also introduced significant changes this morning. Its three-year fixed rate special has fallen from 4.59% to 3.95%, a drop of 64 basis points. The bank also has a new four year fixed rate special (4.35%), and five-year fixed rate special, (4.45%). However, the long term rates do not match Kiwibank's five-year, 4.29% offer, the cheapest five-year rate on the market.

Westpac's rate drop comes after its economists changed their prediction for the OCR. They now believe rates will fall in May, followed by a further reduction next year.

TSB, meanwhile, has pledged to continue its price match offer as the 2019 price war shows no sign of slowing. The domestic lender's offer to match nationally advertised rates from the big four banks will continue alongside the lender's advertising campaign, aimed at taking business from the Australian-owned major players.

 

 

 

 

 

Tags: ANZ ASB Kiwibank Westpac

« Westpac latest to predict May OCR cutNZ banks could face $21bn capital shortfall »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.95 3.29
ANZ 4.44 3.10 3.50 3.84
ANZ Blueprint to Build 1.68 - - -
ANZ Special - 2.50 2.90 3.24
ASB Back My Build 1.79 - - -
ASB Bank 4.45 2.55 2.95 3.29
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.55 2.95 3.25
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 4.55 3.15 3.22 3.85
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 1.95 1.85 2.35 2.45
Heretaunga Building Society 4.99 3.80 3.90 -
Lender Flt 1yr 2yr 3yr
HSBC Premier 4.49 2.19 2.45 2.69
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 3.69 ▲2.29 ▲2.69 ▲2.99
Kainga Ora 4.43 2.67 2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.75 3.34 3.34 4.14
Kiwibank - Offset 3.75 - - -
Kiwibank Special 3.75 2.49 2.49 3.29
Liberty 5.69 - - -
Nelson Building Society 4.95 2.99 3.24 -
Lender Flt 1yr 2yr 3yr
Pepper Essential 4.79 - - -
Resimac 3.39 2.98 2.79 3.29
SBS Bank 4.54 ▲2.89 ▲3.29 ▲3.49
SBS Bank Special - ▲2.39 ▲2.79 ▲2.99
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.29 - -
The Co-operative Bank - Owner Occ 4.40 2.49 2.89 3.19
The Co-operative Bank - Standard 4.40 2.99 3.39 3.69
TSB Bank 5.34 3.30 3.69 4.04
TSB Special 4.54 2.50 2.89 3.24
Wairarapa Building Society 4.99 3.55 3.49 -
Lender Flt 1yr 2yr 3yr
Westpac 4.59 3.15 3.49 3.89
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.89 3.29
Median 4.54 2.78 2.99 3.29

Last updated: 2 August 2021 9:09am

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