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01-Mar-2016 21:13:40 by Real Estate Investar
The bank shaved 10 to 15 basis points off its 18-month, two-year, four-year, five-year and seven year fixed terms.None of the resulting rates were market-leading.At the same time, BNZ hiked its two- and three-year 'specials', sweeter deals which come with various strings attached.Multinational bank HSBC and New Zealand's member-owned The Co-operative Bank lead the market across almost every rate category.Last month HSBC launched a record low 3.95 per cent rate, which it claimed was the lowest in New Zealand for over 50 years.Southland's SBS was the first bank to go below the 4 per cent mark, with a 3.99 per cent offer in November last year.Both banks claimed the deals would be profitable, and were not marketing stunts.Mortgage rates are closely linked to wholesale interest rates, which have fallen 30 to 60 basis points in the last two months.They are also influenced by the Reserve Bank's official cash rate, which remains at a record low of 2.5 per cent.Some economists expect further cuts this year, with both inflation expectations and the consumer price index at a historic low.HOTTEST BANK MORTGAGE RATESFloating: 5.6 per cent - ICBCSix month: 4.69 per cent - ICBCSix month "special": 4.85 per cent - ASB, HSBC PremierOne year: 4.39 per cent - The Co-operative BankOne year "special": 4.25 per cent - HSBC PremierEighteen month: 4.39 per cent - The Co-operative BankEighteen month "special": 3.95 per cent - HSBC PremierTwo year: 4.49 per cent - The Co-operative BankTwo year "special": 4.25 per cent- HSBCThree year: 4.75 per cent - The Co-operative BankThree year "special": 4.59 per cent- HSBC PremierFour year: 4.99 per cent - The Co-operative BankFour year "special": 4.79 per cent - HSBC PremierFive year: 5.15 per cent - The Co-operative BankFive year "special": 4.99 per cent - HSBC Premier
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