New Zealand’s biggest home loan lender signals a more aggressive market position with two lower rate ‘specials’.
ANZ is shifting two key fixed mortgage rates lower. And BNZ changed one of their fixed mortgage rates down as well. The BNZ change is to their three year fixed rate, taking it under 5% and more in line with the market. ANZ has cut -10 bps from its one year rate, taking its ‘special’ down to 4.45%. And it has trimmed -4 bps from its two year ‘special’ fixed rate to 4.65%.
This two year pricing matches Kiwibank and gives it a small edge over all its rivals except HSBC. Their one year rate has fallen -10 bps to 4.45% but it still lags ASB who has a 4.39% rate for that term. HSBC has an even lower offer.
These changes come just before the REINZ releases its October data on Wednesday and that is expected to show low transaction volumes in the middle of what is usually a busy Spring selling season. Data for both Barfoots in Auckland and Harcourts nationally have already signaled restrained activity. As a consequence, banks are facing lower opportunities to win market share among the churn in house selling.
In a recent interview with interest.co.nz, ANZ CEO David Hisco said ANZ is ‘back in the game’ for mortgage lending, suggesting a more aggressive drive is coming from New Zealand’s largest home loan lender.
See all banks’ carded, or advertised, home loan interest rates here.
BNZ has a fixed seven year rate which is 6.15%. And TSB still has a ten year fixed rate of 6.20%.
Source – David Chaston