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Last Article Uploaded: Sunday, November 28th, 11:59AM

Mortgages

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ASB, BNZ, Kiwibank slash rates

ASB and BNZ have joined their big four rivals in slashing their one year special rates to 2.29%, while Kiwibank has also made cuts, as downward pressure continues in the home loan market. 

Friday, January 22nd 2021, 8:57AM

ASB and BNZ announced their changes on Friday morning, with the new rates effective immediately. 

BNZ has also cut its two year classic home loan to 2.59%, level with ASB and SBS. 

BNZ's standard one year is available at 2.89%, and standard two year at 3.19%.

Kiwibank has announced a one year special at 2.35%, slightly more pricey than its bigger rivals. Its standard one year drops to 3.2%, with changes effective on Monday. 

Shorter term rates continue to drop in 2021, despite economists' predictions that the official cash rate will no longer fall to negative territory. 

With the Reserve Bank's Funding for Lending Programme, downward pressure on interest rates is likely to continue in the first part of the year. 

ASB, BNZ, ANZ and Westpac now all offer the same 2.29% one year special rate, but the Kāinga Ora First Home Loan special (2.25%), HSBC Premier (2.25%), and Heartland's online mortgage (1.99%), remain cheaper, albeit with conditions attached. 

As shorter term rates keep falling, economist Tony Alexander believes there's "nothing of immediate import to suggest that borrowing costs facing home buyers will be rising in the near future".

In his latest market update, Tony Alexander said the RBNZ would want to "get the pace of economic growth cracking along by making money cheap and encouraging people to borrow and spend".

Tags: ASB BNZ Kiwibank Lending Mortgage Rates

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.65 4.35 4.69
ANZ ▲4.79 ▲4.25 ▲4.95 ▲5.35
ANZ Blueprint to Build ▲2.03 - - -
ANZ Special - ▲3.65 ▲4.35 ▲4.75
ASB Back My Build 2.04 - - -
ASB Bank 4.45 3.65 4.35 4.69
Avanti Finance 4.55 - - -
Basecorp Finance 5.49 - - -
Bluestone 3.74 3.54 3.89 4.09
BNZ - Classic - ▲3.65 ▲4.35 ▲4.69
BNZ - Mortgage One 5.15 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Rapid Repay ▲4.95 - - -
BNZ - Std, FlyBuys ▲4.95 ▲4.25 ▲4.95 ▲5.29
BNZ - TotalMoney ▲4.95 - - -
CFML Loans 5.15 - - -
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 - - -
First Credit Union Special 5.85 3.59 4.09 -
Heartland Bank - Online 2.25 1.85 2.35 2.65
Heretaunga Building Society 5.25 4.00 4.60 -
HSBC Premier 4.49 2.19 2.45 2.69
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 4.15 ▲3.29 3.85 4.19
Kainga Ora 4.43 2.88 3.28 3.59
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 4.05 4.34 5.00 5.34
Kiwibank - Offset 4.00 - - -
Kiwibank Special 4.05 3.49 4.15 4.49
Liberty 4.84 - - -
Nelson Building Society 4.95 3.99 4.59 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.39 3.54 3.89 4.09
SBS Bank 4.79 3.65 4.19 4.25
SBS Bank Special - 3.15 3.69 3.75
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 3.29 - -
The Co-operative Bank - Owner Occ 4.55 3.49 4.15 4.49
The Co-operative Bank - Standard 4.55 3.99 4.65 4.99
TSB Bank 5.34 4.09 4.74 4.99
TSB Special 4.54 3.29 3.94 4.19
Unity 5.65 4.15 4.60 -
Wairarapa Building Society 4.99 3.55 3.89 -
Lender Flt 1yr 2yr 3yr
Westpac ▲5.09 4.25 4.95 5.29
Westpac - Offset ▲5.09 - - -
Westpac Special - 3.65 4.35 4.69
Median 4.67 3.59 4.27 4.49

Last updated: 26 November 2021 9:41am

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