Banks continue to trim mortgage interest rates following ‘dovish’ statements from the Reserve Bank

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TSB has joined in with the flurry of interest rate reductions following recent ‘dovish’ statements from the Reserve Bank indicating official interest rates will not be moving till 2020.

The New Plymouth based bank has trimmed both its special and carded mortgage rates for 18 months and two years effective from Monday. These are the rates:

Fixed 18 months SPECIAL – 4.29% p.a. Was 4.35 (-6 bp)

Fixed 18 months CARDED – 4.79% p.a. Was 4.85 ( -6bp)

Fixed 2 year SPECIAL – 4.29% p.a. Was 4.49 (-20 bp)

Fixed 2 year CARDED – 4.79% p.a. Was 4.99 (-20 bp)

Earlier Kiwibank cut 20 basis points from its one-year “special” mortgage rate, dropping it to 3.99% from Monday.

This made it the equal lowest one-year advertised rate from a bank, alongside HSBC’s “premier” offer.

On Friday Westpac trimmed 60 basis points off its five-year “special” rate dropping it to a market leading 4.99%.

The trading banks’ mortgage rate cuts come after the Reserve Bank last week indicated the Official Cash Rate won’t be moved from its record low of 1.75% until 2020. Following this announcement wholesale swap rates tumbled.

The latest Real Estate Institute of New Zealand monthly sales figures out on Wednesday showed a soft Auckland housing market with the median price of $835,000 below where it was two years ago, and the median days it takes to sell rising.

See all banks’ carded, or advertised, home loan interest rates here.

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