Activity has picked up in this part of the market after ANZ launched what it calls its "best-ever" home loan rate deal last week.
The rate is sub-5%, LVR restricted and also has a new twist.
To be eligible for this rate borrowers have to have a number of other bank products
ASB and Bank Direct have done the same thing with a one-year fixed housing special rate of 4.95%.
This special rate is subject to customers having the following:
- minimum of 20% equity (i.e. an LVR of ≤80%)
- an existing ASB credit card and
- their main bank transaction account with ASB.
- This special rate does not apply to package or other ASB discounts.
It has identical conditions for Bank Direct customers.
ASB and Bank Direct's standard one-year fixed rate remains at 5.19%.
Meanwhile Westpac has a special one-year rate of 4.94%, with all the same types of terms and conditions.
It has also increased its two-year rate five basis points.
