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PHOTO: 123RF A lower mortgage rate means more cash in your pocket – or getting debt-free faster.
Homeowners have another chance to cash in on bank competition to pay off their mortgages faster.
Westpac and HSBC are now offering a 3.95 per cent home loan rate to qualifying borrowers – Westpac’s deal is for one year and HSBC’s for three.
The rates are as low as any that have been offered in the New Zealand market.
There are some catches: Westpac’s deal requires borrowers to have at least 20 per cent equity and their income credited to a Westpac account. HSBC’s requires a home loan of at least $500,000 or $100,000 in savings with the bank.
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