Westpac and BNZ have joined the rate war this week, dropping their one-year term to 3.09%. This seems to be the new norm and ANZ are still in the lead (out of the big five banks) with their rate of 3.05% for one year. ASB is yet to make any changes, but we expect to see an update from them this week. These banks won't match Heartland Bank's 2.89% one-year rate, and it's a good indication that they don’t believe having such a slim margin is sustainable.
It's definitely a strange time in the market that we're in right now. Rates are low, and if your mortgage is coming up for a review, it is an excellent time to look at refinancing and making sure that your mortgage is set up correct to deal with these uncertain times.
If you're not in a position to do so, there is a great article which was written this week by Squirrel’s CEO John Bolton, around ways and tips to make it through these hard times.
If you have any doubts, get in touch with the team at Squirrel.