The mortgage rate wars have stepped up a notch with another bank offering a sub-2 per cent rate. HSBC has launched a 1.99 per cent rate for both 12- and 18-month fixed terms matching Heartland Bank's rate. Heartland launched the first-ever sub-2 per cent mortgage rate in New Zealand in October last year with a 1.99 per cent rate for one year. Another bank has launched a sub-2 per cent mortgage rate. "For us we now just need to slightly modify down to 60 per cent [40 per cent deposit]."

Source: New Zealand Herald February 09, 2021 20:40 UTC