June 29, 2020 at 7:49 PM

Over the last few days, SBS Bank and Westpac New Zealand made some changes to their home loan fix rates.

SBS Bank made some ground in their pursuit to catch the rest of the banks. However, Westpac New Zealand's change to their special 12-month rate has resulted in all their advertised special fix rates being one of, if not the most, competitive of the banks below.

Note, Westpac NZ do not advertise a special 6 or 18 month fix rate.

Special Fix Rates Changes

Westpac New Zealand

12 Month Fix Rate - 2.65%

SBS Bank

6 Month Fix Rate - 3.39%

18 Month Fix Rate - 2.79%

24 Month Fix Rate - 2.69%

36 Month Fix Rate - 2.99%

48 Month Fix Rate - 3.09%

60 Month Fix Rate - 3.19%

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 29 June 2020 8.10pm.

Floating @ 3.40% - Kiwibank

6 Months @ 2.79% - The Co-Operative Bank of NZ

12 Months @ 2.65% - Westpac NZ, BNZ, ANZ NZ and Kiwibank

18 Months @ 2.65% - ASB Bank

24 Months @ 2.69% - SBS Bank, BNZ, ASB Bank, TSB and Westpac NZ

36 Months @ 2.79% - Westpac 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
The Co-Operative Bank NZ
SBS Bank
Westpac NZ

Tags: home loan SBS Bank Westpac NZ home loan fix rates
Category: Home Loan Fix Rate Changes