TSB Bank Leads the Way with Home Loan Rate Reductions

18 May 2012

TSB Bank Leads the Way with Home Loan Rate Reductions

TSB Bank has today moved to cut its two-year fixed-term mortgage interest rate to 5.5% p.a, making it the lowest rate now on offer.

The bank has dropped its two-year fixed rate by 28 basis points. Earlier in the week TSB Bank dropped its one-year fixed-term interest rate to 5.2% p.a.

TSB Bank Chief Executive, Kevin Murphy said while the rate reduction ensures the bank remains competitive, it also aligned to the company’s strategy of helping New Zealanders in to home ownership.

“Most of our investments, up to 65% of our assets, go into providing home loans for everyday New Zealand families. We’ve been doing so for over 160 years now – this rate reduction is simply a continuation of that commitment”

TSB Bank’s floating, or variable, interest rate remains unchanged at 5.79% p.a.

ENDS

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