HSBC keeps the heat on BNZ

The bank’s latest move its to lower its three-year fixed homeloan rate to 6.88%, just below BNZ’s rate of 6.89%.

Among the other major home lenders, ANZ Bank and National Bank are offering 7.15% three-year fixed rates, Westpac Bank is offering 7.29% and ASB Bank is offering 7.30%.

Kiwibank has joined the action dropping its three-year fixed rate to 6.99%.

HSBC’s new three-year rate comes on top of its previous matching of BNZ’s two-year rate of $6.69%, with the additional benefit of up to $1,000 towards legal expenses, depending on the size of the loan.

The bank says it is withdrawing this offer from the close of business on Monday, May 3 because demand has been such that its available funding is fully booked.

Read More - Opens in a new window