No one following ASB - yet
Tuesday, August 9th 2011, 8:47AM
Kiwibank has launched a one-year home loan special of 5.65% which it is believes to be lowest fixed rate of any major bank operating in New Zealand.
Kiwibank chief executive Paul Brock said the present international financial turmoil has given the bank a brief "window of opportunity" to launch a fixed rate special.
The one year rate matches Kiiwbank's floating rate.
Kiwibank says it will hold the special open until the end of August.
On another note it is interesting to see former mortgage broker Kerry Buddle was in court yesterday - but not on charges relating to her broking activities which have been the subject of much media attention.
Since we sent out our special update yesterday afternoon with the ASB rate changes we have now updated the site with Bank Direct's rates. Interestingly there has been no news yet from Sovereign or NZ Home Loans. Our expectation is that they will follow ASB and reduce rates. This is especially so with Sovereign which is currently reinvigorating its home loan business as we report here.
From our table you can see ASB now has market leading postions (against its peer big banks). It would be no surprise to see other banks cut their rates soon.
| « ASB reverses last week's increases | Yep, it's the two-year market for SBS » |
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