Weekly home loan report: Banks keep chopping down two-year fixed rates
Banks are competing fiercely for home loan business by chopping their two-year fixed rates to levels well below other fixed rates.
Wednesday, February 25th 2004, 7:18AM
by The Landlord
Others lenders – mainly banks – followed suit with ANZ, ASB and National going to 6.95% (nothing like undercutting the market leader by 0.04%). Bank Direct went a little further to 6.90%, while HSBC and Sovereign (the biggest non-bank lender) dropped their equivalent rates to just 7.15%.
BNZ and HSBC also dropped other fixed rates and Westpac took its hybrid 30-month rate to 7.15%.
However BNZ counter-punched on Friday dropping its two-year rate another 20 basis points to 6.79%.
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