New Zealand's biggest home lender matches a key rival with the lowest one year fixed rate in the market

ANZ has launched a new one year home loan ‘special’.

It has set the rate at 4.89%.

While this is the lowest in the market, it merely matches the rate currently offered by ASB who launched the same rate last week.

ANZ’s mortgage ‘specials’ are available to customers with at least 20% equity, and require an ANZ transactional account with salary direct credited and any ANZ Credit Card or Insurance. ‘Special’ rates are not available with any package discounts.

This new 4.89% rate is available Wednesday, July 8, 2015.

Other banks have targeted the two year rate for their price-fighting offer, leaving ANZ and ASB to duke it out in the one year space.

Wholesale swap rates have been declining steadily over the past few weeks as global uncertainty has been rising in Europe and China. Markets are also pricing in a number of OCR cuts by the RBNZ this year.

See all banks’ carded, or advertised, home loan rates here. 

And see the non-rate home loan incentives here.

The new ANZ mortgage rates will compare as follows tomorrow morning:

below 80% LVR Floating 1 yr 2 yrs 3 yrs 4 yrs 5 yrs
             
6.49% 4.89% 4.99% 5.59% 5.75% 5.79%
ASB 6.50% 4.89% 5.10% 5.39% 5.75% 5.65%
6.34% 5.19% 4.99% 5.29% 5.65% 5.75%
Kiwibank 6.40% 5.09% 4.99% 5.39% 5.75% 5.60%
Westpac 6.40% 5.49% 4.99% 5.59% 5.75% 5.79%
             
6.45% 5.15% 4.99% 5.35% 5.55% 5.69%
HSBC 6.60% 4.95% 4.95% 5.40% 5.50% 5.60%
SBS Bank 6.39% 4.99% 4.99% 4.99%   5.59%
6.49% 5.45% 4.99% 5.40% 5.85% 5.85%