TSB is set to become the fourth bank in New Zealand to join the sub-4 per cent mortgage war.
From today TSB is offering to match any nationally advertised one-year home lending rate offered by an Australian-owned bank until Sunday 3 March.
Last month Australian-owned Westpac offered a one-year fixed term rate of 3.99 per cent – down 16 basis points on its standard rate of 4.15 per cent. Kiwibank and HSBC also have lowered their rates recently.
Westpac's special, however, is only available to those with equity of at least 20 per cent.
Donna Cooper, TSB chief executive, said its offer was a bold and unique move in the New Zealand banking industry.