Interest rates below 2% just announced!

Heartland Bank released the lowest home loan rate in New Zealand history yesterday, announcing a one-year fixed loan rate at 1.99 per cent.

In addition to the record-low rate, they’re also offering a fixed two-year rate of 2.35 per cent and a three-year rate of 2.45 per cent.

To be eligible, customers must be refinancing or buying a standalone house on a single section, have a deposit or equity of at least 20 per cent – and intend to live in the home. 

With the Official Cash Rate currently sitting at a record low of 0.25 per cent, banks have been dropping their home loan rates lower and lower.

This will no doubt place added pressure on the nation’s other banks to also drop their home loan rates.

SBS bank has also upped the competitive stakes with a rate of 2.49 per cent for 18 months, two years or three years.

The smaller banks appear to be taking the fight to the bigger banks, which all currently have higher interest rates.

ANZ, ASB, BNZ, Kiwibank and Westpac are all currently advertising a fixed one-year rate of 2.55 per cent.

The question now is whether one of these banks will join the competitive tussle and also drop their rates. 

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