Heartland's new mortgage rate could force other banks to follow suit
Heartland's new mortgage rate could force other banks to follow suit
13 October 2020
The bank's announced a one-year fixed loan rate at one point 99 per cent.
To be eligible, customers must be refinancing or buying a standalone house on a single section, have a deposit or equity of at least 20 per cent -- and intend to live in the home.
Claire Matthews from Massey Business School says other banks will be looking at how they can stay competitive.
She says if Heartland has a substantial amount of money it can make available at these rates -- other banks will feel a greater need to respond.
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