HSBC lowest mortgage rate starts mortgage wars

What’s happening in the lending market?

HSBC has just come out with 3.87% interest rate fixed for 18 months. It’s 3 year fixed rate is 4.89%.

Westpac is offering a 4.94% three year fixed home loan rate.

ASB has come out with a 4.39% fixed for one year home loan rate.

It looks like the banks have started a price war competing for market share again.

Currently ANZ has the biggest market share of home loans and the competitor banks are all wanting to get a bigger piece of the pie. If this continues, then it indicates the banks expect the OCR to stay on hold for the next year or so.

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