Last week was a busy one with lots of changes to floating rates. The final change to come through last Friday was Fidelity Life. It is now offering a one and two-year fixed rate of 5.45% and 6.50% respectively. This one-year rate is the lowest offered in our table.
What's been different about the changes this time is taht instead of directly competing in standard terms lenders are taking differentiated strategies. For instance Westpac has chosen to offer its best rate on its Everyday Choices revolving credit loan product, while BNZ has opted to use its TotalMoney offset account as its "hero" product. Details of Westpac's cuts are here, and BNZ's here.
We look at the changes and the strategies in this Blog: Declaring War
Our latest news story looks at the new mortgage aggregation service that has been launched by insurance dealer group Newpark Financial Services.
