HOME LOAN FIX RATE CHANGE 10 JULY 2020
July 10, 2020 at 7:00 AM
The 8th of July started with some amazing home loan fix rate changes. Then, for three days straight, we have witnessed more banks reducing their fix rates.
It started with ANZ New Zealand and The Co-Operative Bank reducing their home loan fix rates on Wednesday 8th July. Then TSB Bank NZ decided to match ANZ New Zealand 12 month special rate on the 9th July. Now, today, 10th July, Westpac decided to do the same.
This is great for existing or new home loan borrowers as rates continue to drop. We at Mortgage Field can't wait to see how other banks react and just how low these fix rates are going to drop.
Special Fix Rates Changes
ANZ New Zealand
6 Month Fix Rate - 3.55%
12 Month Fix Rate - 2.55%
18 Month Fix Rate - 2.65%
24 Month Fix Rate - 2.69%
36 Month Fix Rate - 2.79%
The Co-Operative Bank New Zealand
6 Month Fix Rate - 2.69%
12 Month Fix Rate - 2.69%
18 Month Fix Rate - 2.75%
24 Month Fix Rate - 2.75%
36 Month Fix Rate - 2.99%
48 Month Fix Rate - 3.19%
60 Month Fix Rate - 3.29%
TSB Bank New Zealand
12 Month Fix Rate - 2.55%
Westpac New Zealand
12 Month Fix Rate - 2.55%
Check out how they compare to the other banks by clicking HERE
If you're interested! Out of the eight New Zealand Banks listed below, here is a list of who is offering the lowest advertised Special/Owner Occupied Home Loan Rates as of 3 July 2020 2.32pm.
Floating @ 3.40% - Kiwibank
6 Months @ 2.69% - The Co-Operative Bank of NZ
12 Months @ 2.55% - TSB Bank NZ, ANZ NZ and Westpac NZ
18 Months @ 2.65% - ASB Bank and ANZ NZ
24 Months @ 2.69% - ANZ NZ, SBS Bank, BNZ, ASB Bank, TSB NZ Bank and Westpac NZ
36 Months @ 2.79% - Westpac NZ and ANZ NZ
48 Months @ 2.99% - BNZ and Westpac NZ
60 Months @ 2.99% - BNZ and Westpac NZ
Can I ask for a lower rate with my own bank, if they are not advertising the lowest rate?
Please remember that the rates listed above are advertised, so there could be an opportunity to negotiate. There are a number of factors that will be considered by your bank:
- How long have you been with your bank?
- The equity or LVR position you currently have. i.e >20% equity in your home and/or 30% against your investment properties.
- The likelihood you are in a position to refinance if the rate offered is not to your expectation? E.g., If you have other loans fixed and they are not due to expire for a period of time. They may believe you are not likely to move to another bank and pay break/ solicitor costs.
- Last and by no means least, do they have enough margin (profit) to negotiate and by how much?
It pays to check with your bank or contact us to see if we can get you the rate you want - we do not charge a fee to negotiate on your behalf!
We recommend that you check current rate details with us or the respective banks by clicking the links provided below as the rates above can change without notice.
- ANZ New Zealand
- ASB Bank
- BNZ
- The Co-Operative Bank NZ
- Kiwibank
- SBS Bank
- TSB
- Westpac NZ