HOME LOAN FIX RATE CHANGE 10th May2021
May 10, 2021 at 10:07 AM
On Saturday SBS introduced a market leading rate of 2.19% fixed for 12 months.
This is a great rate for existing or new home loan borrowers if you are wanting to fix for the short term. While there were many rate changes across the board over the past week it will be interesting to see how the other banks react. Watch this space.......
Special Fix Rates Changes
12 Month Special Fix Rate - 2.19%
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 5th May 2021, 2.45pm.
Floating @ 3.40% - Kiwibank.
6 Months @ 2.29% -The Co-Operative Bank of NZ.
12 Months @ 2.19% -SBS Bank
18 Months @ 2.39% - SBS Bank.
24 Months @ 2.49% - SBS Bank and TSB Bank.
36 Months @ 2.79% - BNZ Bank, The Co-Operative Bank of NZ, Kiwibank, SBS Bank & TSB Bank.
48 Months @ 2.99% - SBS Bank
60 Months @ 3.19% - SBS Bank
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 40% 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.