TSB has lowered its one-year fixed mortgage rate to 4.39%, a reduction of 10 basis points, making it the lowest among New Zealand’s major lenders offering similar terms.
The move comes just weeks after the Reserve Bank cut the Official Cash Rate, with most other major banks – including ANZ, ASB, Westpac, BNZ and Kiwibank – currently advertising one-year fixed rates of 4.49%.
Penny Burgess, general manager of customer service at TSB, said the decision was aimed at helping customers manage ongoing financial pressures.
“With the cost of living continuing to stretch household budgets, we know many New Zealanders are looking for ways to ease financial pressure,” she said. “By offering a sharp home loan rate, we’re helping our customers keep more money in their pockets and feel more confident about their financial future.”