Talk Money: February 18

Tony Field (Paul Henry)
Tony Field (Paul Henry)

HSBC is offering what it says is the lowest mortgage rate in New Zealand in over fifty years.

It is promoting a rate of 3.95 percent for 18 month loans to its "premier" customers.

That is lower than the 3.99 percent offer that SBS Bank put into the market for a limited time late last year.

There are strings attached. Customers must have a twenty percent deposit and have their salary paid into an HSBC account.

They also need a minimum of $500,000 in home loans and / or savings and investments of $100,000.

But it is a sign that competition is heating up again in the mortgage market.

Advisors say the banks are prepared to offer discounts to their advertised rates.

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