Banks slash home loan rates
Wed, 23 May 2012 2:16p.m.
Banks are continuing to slash home loan rates, with droves of home-owners taking up the low fixed-term rates.
Three more banks have dropped mortgage rates; BNZ's three-year rate is now
5.75 percent, just behind market leaders ANZ National's 5.74 percent.
Speaking to RadioLIVE, mortgage broker John Bolton said a large number of people have been sitting down with their banks asking for even better rates.
“Everyone’s fielding a lot more phone calls – we’ve certainly got a lot more existing clients talking through their rates with us,” he said.
“If we’re seeing that then I’d imagine the banks are getting hit pretty hard.”
Mr Bolton doesn't expect mortgage rates to drop much further.
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24/05/2012 9:22:49 a.m.
Jeff Royle wrote:
Agree with John about future rates, the one thing that is certainly happening is approvals are taking up to 6 days so if purchasing that needs to be factored in.
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