TSB slashes home loan rates

New rates are available for new and existing clients with 20% equity in their properties

TSB slashes home loan rates

TSB Bank has launched a “special” one-year home loan rate of 2.49% and a two-year rate of 2.65% in response to the economic disruption created by the COVID-19 pandemic.

The new rates came into effect on 18 August and were available for new and existing clients with 20% equity in their properties.

The rates were the lowest ever offered by TSB and “the best currently offered” by any major bank, according to Justine St John, general manager for marketing and customer experience at TSB.

The Taranaki-based bank has also agreed to match any advertised fixed rate offered by an Australian bank.

“TSB is focused on supporting New Zealanders with consistent low lending rates at a time when COVID-19 continues to create economic uncertainty,” St John said. “It’s more important than ever that people are provided with a wide variety of competitive lending rates to support their financial needs.”

She added that by offering market-leading home loan rates and matching Aussie rates, the bank was “taking some of the stress away from Kiwis when it comes to choosing a loan best suited to them.”

TSB said the rates will be offered until further notice.