October 12, 2020 at 5:35 PM

Heartland Bank has launched New Zealand's lowest ever rate at 1.99% for 12 months fixed. However, there are some conditions:

- It is restricted to main centres only, which means Southland misses out!

- Only offered direct to customers through a self serve online application. 

- No Cashbacks.

- 20% Equity or Deposit required.

- Purpose: Only new purchases or refinances, not available for construction loans or to purchase an investment property. Only available to owner-occupiers for a limited time.

Heartland has stolen some of the shine off SBS Bank's fix rate cuts, where they have slashed most of their fix rates from 18 months - 60 months.

Special Fix Rates Changes

SBS Bank

18 Month Fix Rate - 2.49%

24 Month Fix Rate - 2.49%

36 Month Fix Rate - 2.49%

48 Month Fix Rate - 2.99%

60 Month Fix Rate - 2.99%

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 12, 2020, 4.37pm.

Floating @ 3.40% - Kiwibank

6 Months @ 2.55% - The Co-Operative Bank of NZ

12 Months @ 2.49% - TSB Bank NZ 

18 Months @ 2.49% - SBS Bank

24 Months @ 2.49% - SBS Bank

36 Months @ 2.49% - SBS Bank

48 Months @ 2.99% - SBS Bank, ASB Bank, BNZ, The Co-Operative Bank NZ and Westpac NZ

60 Months @ 2.99% - SBS Bank, ASB Bank, 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 interest rates SBS Bank home loan fix rates Heartland Bank
Category: Home Loan Fix Rate Changes