TSB Bank Moves First To Slash One Year Rate

TSB Bank has cut its one-year fixed home loan rate to 5.35% p.a., a lower advertised rate than all the major banks on this term.

TSB Bank General Manager of Customer Delivery, Penny Burgess, says, “We’re pleased to offer some mortgage rate relief for New Zealanders in what’s been a tough year.

“For people who aren’t already TSB Bank customers, this makes a great time to come and see what makes us different and try our award-winning customer service,” says Burgess.

The move today further extends on TSB Bank’s earlier cuts in October 2024 when the bank got a jump on the big four banks and cut its advertised one-year fixed rate to below six per cent for the first time since December 2022.

TSB Bank is also making changes to other rates, cutting its six-month rate to 5.89% p.a., and for customers looking for longer-term certainty, it is also cutting the 18-month rate to 5.49% p.a. and the two-year rate to 5.29% p.a..

The new rates are available from today.

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.

Notes:

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.

Terms and Conditions and more information is available on www.tsb.co.nz

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