The Co-operative Bank has reduced its 3 year and 4 year mortgage rates to 4.75% and 4.89% respectively. These adjustments continue to keep all Co-op Bank fixed home loan rates below 5% mark.
Chief Executive Bruce McLachlan said that the decision to lower the three and four year fixed mortgage rates is in response to more customers looking for low longer term rates, with many Co-operative Bank customers securing the 5 year rate at 4.99%.
“Many other banks are enticing customers to take shorter-term mortgages. However, we are seeing the market indicate that home buyers want to secure attractive rates for their home loans on a longer-term basis.
“We put our customers before profits, and our focus is solely on what’s best for them. We believe that reducing long-term fixed home loans rates is absolutely the best thing to do for our customers.
“Our entire range of fixed term home loan rates continues to be very competitive in the market with all our fixed rates remaining under 5%.”
