Mortgage brokers say a new sub-4 per cent mortgage rate launched by a major bank could be the start of another mortgage war.
From today Westpac is offering a one-year fixed term rate of 3.99 per cent – down 16 basis points on its standard rate of 4.15 per cent.
The offer is only available until February 1 and is only open to those with more than 20 per cent equity and a have their salary going into a transactional account at the bank.
In November last year, ANZ – the country’s largest bank – offered a one-year fixed term rate of 3.95 per cent – the lowest offered by a major bank since just after World War II.
Other banks followed with ASB and Westpac matching it and BNZ offering 3.99 per cent over two years fixed.
But by December 4 three of the four majors had put advertised rates back up over 4 per cent.
Still, the short-term offer appears to have been worth it.
Figures from ANZ show around 15,000 customers took advantage of the special.
More information at: https://www.nzherald.co.nz/personal-finance/news/article.cfm?c_id=12&objectid=12192484