All of new zealand s latest mortgage rates in one place.
1 year mortgage rates nz.
In new zealand most banks offer 6 months to 5 year terms.
Asb is the latest bank to drop their 4 and 5 year mortgage rates below 3 joining bnz and westpac at 2 99 and it won t be long b.
The reason for doing so is fairly clear it is the cheapest rate on offer.
Interest rates and fees are subject to change.
Westpac nz may change the base rate replace it with a new base rate or change the modifier if any or the margin from time to time.
Anz lending criteria terms conditions and fees apply.
1 year 18 mth 2 years.
A copy of the bank s general disclosure statement under the reserve bank of new zealand act 1989 is available on this website or on request from any anz branch free of charge.
It is also dropping its standard rates for the same terms with the rates being available from 19 march.
Anz has cut its 1 and 2 year fixed rates for home loans and term deposits becoming the first major bank to do so following rbnz s emergency ocr cut.
If you are applying for a mortgage with low equity i e.
01 october 2020 a shift in longer term rates.
This means the interest rate you pay on your loan is fixed for the term you agree to.
The report said the best strategy for anyone taking out a mortgage would likely be to fix for one year.
However lower mortgage rates will provide an offset and the exact trajectory for the housing market is uncertain the report also said anz s economists were expecting the one year fixed mortgage rate to bottom out 1 75 in april next year.
Asb is the latest bank to drop their 4 and 5 year mortgage rates below 3 joining bnz and westpac at 2 99 and it won t be long b.
These are some of the lowest mortgage rates we ve ever seen and they won t last forever.
Although there are 7 and even 10 year terms available from some banks.
In my recent survey 96 of mortgage advisors said that people are favouring the one year term when fixing their mortgage.
This table is updated regularly and is intended as a brief guide to residential loans on owner occupied properties in new zealand.
Anz has cut its 1 year fixed rate special by 40 basis points to 3 05 and its 2 year fixed rate special by 30 basis points to 3 35.
Your deposit is less than 20 westpac may charge an additional interest margin of between 0 25 to 1 5 per annum.
Users are advised to confirm the rates and conditions that will apply in your particular situation directly with the lender.
