This week started off with a wave of changes as ASB, BankDirect, Sovereign and NZ Home Loans all cut their longer term fixed rates.
All four lenders reduced one-year rates by 30 basis points as well as dropping three, four and five-year rates by 15, 30 and 25 basis points respectively.
ASB Bank now has the lowest four and five-year fixed rates for a major bank at 8.20% and 8.50% respectively.
Following on from Kiwibank and TSB Bank last week, SBS dropped its floating rate by 40 basis points to 5.90% which puts it in line with the median for minor bank lenders and it also dropped its one-year rate by six basis points to 6.29%.
