TSB has undercut all the other major banks by dropping its one-year fixed mortgage rate today.
The bank announced this morning it would reduce the one-year fixed rate to 4.39% per annum.
TSB’s new rate was down 10 basis points, from the previous rate of 4.49%, and would be available for those with at least 20% deposit.
The other major banks are offering 4.49% for one-year.
Earlier this month, all the major banks lowered their floating rates after the Reserve Bank slashed the official cash rate (OCR) by 50 basis points.
They all then moved on fixed term rates.
The morning’s headlines in 90 seconds, including Hurricane Melissa makes landfall, the new low mortgage rate from a smaller bank, and new research into whether gluten is the dietary devil it’s made out to be. (Source: 1News)
The Reserve Bank will make its next OCR decision on November 26.
TSB general manager of customer delivery Penny Burgess said the bank was helping customers “keep more money in their pockets and feel more confident about their financial future”.
“With the cost of living continuing to stretch household budgets, we know many New Zealanders are looking for ways to ease financial pressure,” she said.
“As a community-owned bank, we’re here to support Kiwis, and this is one of the ways we’re showing up for our customers when it matters most.
