TSB vows to beat Aussie banks on fixed home loans

Previous rate match campaign successful

TSB vows to beat Aussie banks on fixed home loans

TSB Bank has announced that it will beat any nationally advertised fixed home loan rate offered by an Australian-owned bank, believed to be New Zealand’s first “rate beat” promise to give consumers more financial flexibility with their mortgage.

Justine St John, TSB GM marketing and customer experience, said the bank’s rate match campaign last year was successful. Therefore, the bank is taking it to the next level by beating any nationally advertised fixed home loan rates from the “big four” – ANZ, ASB, BNZ, and Westpac.

“We know some customers are feeling financial pressure at the moment, and in a rising interest rate environment, many are looking to quickly lock in the best home loan rate available to provide cashflow certainty,” St John said.

“Our rate beat promise simplifies this decision because they can come to TSB and know they’re getting one of the lowest home loan interest rates on the market,” she added. “Not only that, it also gives New Zealanders another reason to bank local and keep profits here.”

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New Zealanders can start the application process at tsb.co.nz or via TSB’s lending team, through a TSB branch, or via one of its mobile mortgage managers.

As part of the process, applicants must bring any current nationally advertised fixed home loan rate from the big four Australian banks for the same term and offer conditions – and TSB will beat it by 0.05%, subject to the borrower meeting its lending suitability and affordability criteria. Minimum new lending of $100,000 applies.

The bank clarified that the offer only applies to purchase, refinance from another lender, or building of residential owner-occupied properties with a loan-to-value restriction (LVR) ratio under 80% and residential investment properties with an LVR under 60%.

The offer is available until November 30, 2021.