TSB cuts 1 year mortgage rate

TSB has cut its one year fixed mortgage rate by 10 basis points to 5.60%. The move brings its rate to just above Kiwibank’s 5.59%. The lowest one year mortgage rates currently offered by banks are BNZ’s ‘classic’ rate and Westpac’s standard rate, both 5.49%.

As of yet, no bank has cut its variable mortgage rate following the 50 basis point cut in the Official Cash Rate on April 30.

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Posted: 19 May 2009

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