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TSB drops two-year fixed rate

TSB Bank has reduced its 2 year fixed-rate home loans to a nationwide low of 5.99%.

Thursday, June 18th 2009, 8:57AM

Managing director Kevin Rimmington said the bank remained unaffected by the comings and goings on worldwide financial markets – and was determined to pass the benefits of this on to New Zealanders.

“TSB Bank’s ownership, funding and investment strategy means it has been effectively shielded from the flow-on effects experienced by many of the multinational banks.”

“All our funding is obtained from within New Zealand – we rely on the deposit support of our customers. Right now, we’re experiencing record levels of funds growth.” Rimmington said

TSB Bank’s investment strategy had always been somewhat conservative - and largely home loan focused.

“Most of our investments, up to 65% of our assets in fact, go into providing home loans to every-day New Zealand families. We’ve been doing so for more than 150 years, now – this rate reduction is simply continuation of that commitment.”

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Future interest rate hikes softened

The Reserve Bank has kept the OCR at 2.50% as expected, but had lowered its forecast track for the 90 day bill rate by around 60 basis points (0.6%) to a peak of 4.30% by the end of next year.

For borrowers that means floating home loans are not forecast to rise as much as previously forecast. In June the expectation was that the rates would rise 2% in the next 12 months: that figure has now been wound back to 1.4%.

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Disclaimer: Every possible effort has been made to keep the information in the rates tables as accurate as possible, however, neither the publishers of Mortgage Rates nor anyone engaged to compile these tables accept any liability for inaccuracies or any loss suffered as a result. It is strongly advised that readers check loan details directly with the provider concerned.

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