HBS makes big cuts

Hawkes Bay-based lender HBS has made significant changes to its mortgage rates, taking longer term fixed and floating rates from above the median for non-bank lenders to well below them.

It has reduced its floating rate by a hefty 59 basis points from 6.49% to 5.90% making it a more competitive rate alongside all lenders.

It also cut its three year rate by 19 basis points from 7.99% to 7.80% and its four and five-year rates were reduced by 25 basis points to 8.25% and 8.50% respectively.

Credit Union Baywide has taken a 45 point slice out of its two-year rate to 7.25% and cut its three-year rate by 25 points to 7.85%.