Banks are taking very different strategies when it comes to pricing home loans currently.
SBS and Kiwibank, for instance pitching for shorter term loans, notably SBS with its 4.99% six month rate.
Meanwhile TSB is pitching for business in the two year term. ASB stands out and is flat-lining with the same rate for terms of six months to two years. While not a market leader it is well positioned against the other big banks.
It may seem odd that Westpac is so high on its floating rate. This is its long-standing strategy of pricing its Choices revolving credit loan in this space. Although not shown on the graph Choices is sitting at 5.60% which is very competitive.
ANZ, which has won lots of business, doesn't look very competitive, but you have to remember these are carded rates and can be negotiated downwards.
When it comes to rates of more than two years there is much more consistency in pricing.
