HOME LOAN FIX RATE CHANGE 7th May 2021
May 05, 2021 at 2:31 PM
It has been a huge week with rate changes across the board. The Co-Operative Bank and TSB being the latest to make changes. If you are looking at fixing for the short term then you’re in luck with the reduction to the 6 month and 12 month rates however this is not the case with the long term rates with most banks increasing their 48 & 60 month rates.
See below for the changes that have happened this week.
Special Fix Rates Changes
BNZ
12 Month Special Fix Rate - 2.25%
24 Month Special Fix Rate - 2.55%
48 Month Special Fix Rate - 3.09%
60 Month Special Fix Rate - 3.39%
36 Month Special Fix Rate - 2.79%
48 Month Special Fix Rate - 3.09%
60 Month Special Fix Rate - 3.39%
12 Month Special Fix Rate - 2.25%
6 Month Special Fix Rate - 2.25%
12 Month Special Fix Rate -2.25%
60 Month Special Fix Rate - 3.39%
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 @ 2.25% -ANZ Bank, ASB Bank, BNZ Bank, The Co-Operative Bank of NZ, TSB Bank & Westpac.
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.
- ANZ New Zealand
- ASB Bank
- BNZ
- The Co-Operative Bank NZ
- Kiwibank
- SBS Bank
- TSB
- Westpac NZ