Great to see another bank changing their home loan fix rates. BNZ is the latest to join the sub 3% club with notable absences by The Co-Operative Bank New Zealand and SBS Bank.

Westpac NZ and The Co-Operative Bank NZ are the latest to change their fix rates. One bank has chosen to go sub 3% and the other has offered the lowest 6 month fix rate across 8 banks….but wait there is more. Westpac have just announced they are now taking applications from new to bank or existing customers for low deposit borrowers.

ANZ New Zealand and TSB New Zealand are now offering sub 3% special fix rates. This is very welcome news to borrowers as we look to recover from the financial impacts of COVID-19.

There is a price war heading our way borrowers with ASB and Kiwibank offering 2.99% special fix rates. This will be welcome news to borrowers as we look to recover from the financial impacts of COVID-19.

For many people, buying a home is part of the great kiwi dream. Yet with the high cost of living, saving for a deposit can be extremely difficult. In recognition of this, NZ banks have been lending to low deposit borrowers more and more, in fact some banks are accepting as little as 5% deposit - 95% home loans!

The Reserve Bank of NZ (RBNZ) announced yesterday that effective 1st May 2020 it will remove for 12 months the LVR restrictions that were imposed on NZ banks since 2013. The NZ government is also helping out Small Business... So what will happen now?