HOME LOAN FIX RATE CHANGE 2 NOVEMBER 2020
November 02, 2020 at 3:19 PM
KiwiBank have reduced their 2 and 3 year rates however our attention has been drawn to the fix rate changes made by SBS Bank.
SBS Bank have reduced their 1 year special rate at the expense of their 2 and 3 year rate. Unlike Kiwibank, they have increased their 2 and 3 year rates.
Special Fix Rates Changes
SBS Bank
12 Month Special Fix Rate - 2.49%
24 Month Special Fix Rate - 2.65%
36 Month Special Fix Rate - 2.75%
24 Month Special Fix Rate - 2.65%
36 Month Special Fix Rate - 2.65%
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 October 23, 2020, 12.56am.
Floating @ 3.40% - Kiwibank
6 Months @ 2.49% - The Co-Operative Bank of NZ
12 Months @ 2.49% - ANZ NZ, The Co-Operative Bank of NZ, SBS Bank,Westpac NZ and TSB Bank NZ
18 Months @ 2.49% - BNZ Bank, ASB Bank and SBS Bank
24 Months @ 2.65% - SBS Bank, TSB Bank and KiwiBank
36 Months @ 2.65% - Kiiwbank
48 Months @ 2.89% - The Co-Operative Bank NZ
60 Months @ 2.99% - SBS Bank, ASB Bank, BNZ, The Co-Operative Bank NZ 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