CBS Canterbury enters wars

It says that it had "prudently chosen to have higher than usual levels of liquidity," but it has changed that stance and is now able to make some of that available for residential lending "at a rate that we have not seen for some time."

CBS Canterbury has introduced a special 1 year fixed rate at 5.75%.

"New Zealand’s houses are currently the most affordable in four years, so it presents an excellent opportunity for first home buyers, property investors, or those considering home alterations," CBS chief executive Bryan Inch says.

"Equally it may be very timely for those refinancing from another bank, or those who would like to purchase a property rather than be paying rent."