TSB Cuts Home Loan Rate To Under 6%

TSB Bank has cut its advertised one-year fixed home loan rate to 5.99% p.a., getting a jump on the big four banks.

TSB General Manager Product and Marketing, Nick Herbert, says, “We know many families have been doing it tough in the last few years with the high cost of living. Easing inflation and the declining Official Cash Rate will be welcome relief for many stretched Kiwi households, so we want to make sure our customers can get the benefit of lowering rates.

“This is the right thing to do, and we’re proud to deliver a cut to the all-important one-year rate after the recent RBNZ announcement and deliver some relief for our customers.

“This reduction marks the first time TSB has advertised a one-year rate below six per cent since December 2022,” says Herbert.

The new rate takes effect on Monday 14 October.

“TSB is a strong, customer focused bank, and we think it’s important for people in Aotearoa to have the choice to be with a bank that contributes to a real impact in New Zealand.

“For anyone who isn’t already a TSB customer, now’s a great time to try our award-winning customer service and see what makes us different,” says Herbert.

Customers can find out more online, in-branch, or on the phone, and new customers can go to tsb.co.nz/join to find out how to switch.

Note:

All interest rates are subject to change. Standard lending terms and conditions apply. A minimum deposit of 20% is required for home lending with a special interest rate. Residential loans with less than a 20% deposit are subject to availability of funds. An Early Repayment fee may apply on fixed rate loans. Different lending criteria applies for residential investment, business, commercial and rural loans.

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