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2.25% one year rate from the Co-op

The Co-operative Bank has launched a 2.25% one year home loan for first home buyers, one of the cheapest ever offered in New Zealand.

Tuesday, October 20th 2020, 5:38PM

The banking group launches its 2.25% rate on October 21 exclusively for first home buyers.

It is the cheapest traditional bank loan in the market, and second cheapest behind Heartland's digital-only 1.99% offer. 

The deal, which marks an aggressive play for the FHB market, is just as cheap as KiwiSaver provider Simplicity's floating rate, which is available to the investment firm's existing customers through a ballot system. 

The Co-operative's new loan is available to people buying a home they intend to live in.

Most buyers must have a minimum 20% deposit, but the offer is also available for those who qualify for Kāinga Ora First Home Loans, which need a 5% deposit.

Borrowers will need to take out a loan of $200,000 or more to qualify for the deal. 

The loan represents a significant price cut for The Co-operative, which offers a standard one year rate of 2.55%, level with the big four, Kiwibank and SBS. 

The bank, led by David Cunningham (pictured), recently cut four year fixed loans to 2.89%, and five year to 2.99%. 

The new loan comes as first home buyers take an increasingly large slice of the property market since Covid. 

First timers borrowed $1.3 billion in August, the highest volume on record, based on RBNZ figures dating back to 2014. 

Tags: Co-operative Bank first home buyers Lending

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.09 3.25 3.39
ANZ Special - 2.49 2.69 2.79
ASB Bank 4.45 2.49 2.59 2.65
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.49 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.09 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
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 3.95 2.89 2.97 3.39
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.45 ▼2.45 ▼2.65
Kainga Ora 4.43 2.93 3.07 3.24
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.30 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 2.99 3.15 3.25
SBS Bank Special - 2.49 2.65 2.75
The Co-operative Bank - First Home Special - - - -
The Co-operative Bank - Owner Occ 4.40 2.49 2.69 2.79
The Co-operative Bank - Standard 4.40 2.99 3.19 3.29
TSB Bank 5.34 3.29 3.29 3.59
TSB Special 4.54 2.49 2.49 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.49 2.69 2.79
Median 4.55 2.94 3.07 2.80

Last updated: 23 November 2020 12:23pm

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