Mortgage rate war continues

Skirmishes continued in the mortgage rate war despite the official end of the BNZ's "unbeatable" campaign last month.

National Bank today announced it was cutting its fixed rate six month, three, four and five years loans from 8.10 per cent to 7.8 per cent.

Corporate affairs manager Robert Reid said the cuts "reflect what's happening the market place".

He noted that rival bank ASB had dropped its fixed rates to around 7.8 per cent across the board.

National left its one and two year fixed rates unchanged in today's announcement.

- NZPA