New Zealand
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Mortgage wars continue as bank slashes floating rate to 2.5 per cent

November 9, 2020
A 'for sale' sign on a property.

(Source: 1 NEWS)

Heartland Bank has dropped its floating mortgage rate to 2.5 per cent, which it says is the lowest in New Zealand.

It is available for those refinancing or purchasing a standalone home on a single section, who have a 20 per cent deposit and intend to live in the home. 

Interest rates have plummeted in New Zealand as the Covid-19 pandemic takes its toll on the world's markets.

While the number is big compared to how much renters pay, homeowners seem to be doing better than those in Australia. (Source: Other)

Last month the New Zealand-owned bank introduced a rate of 1.99 per cent for one-year loans. 

The official cash rate remains at 0.25 per cent. 

New ZealandPropertyEconomy

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