mortgage wars

PHOTO:123RF Home loan rates are at record lows.

Competition between the banks for the lowest home loan rate continues – ASB has hit back with a new record low rate.

Over the course of the past week, ANZ has offered a one-year fixed-term rate of 2.79 per cent and Westpac and TSB announced on Thursday that they would match it. Westpac offered the 2.79 per cent rate out to two years fixed.

Now ASB is moving to offer a two-year rate of 2.69 per cent.

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It comes amid speculation that the official cash rate (OCR) could be cut below zero in the coming months.

Craig Sims, ASB executive general manager retail banking, said the reduced rate would be welcome news for many homeowners, and first-home buyers.

“This new rate is incredibly competitive, and we’re proud to be doing our part to support our customers on their home ownership journey. We hope this will help them manage their home loans, or enable others to be in a position to get into their first home,” Sims said.