TSB relaunches price-match offer

The domestic bank has taken the fight to the Australian-owned major banking groups, and launched its offer this week.

Under the terms of the deal, which runs until further notice, TSB will match any "nationally-advertised" home loan rate from "an Australian-owned bank". 

It means TSB will match ASB's 2.69% two-year rate, but won't match Kiwibank's 2.65% one-year special.

Justine St John, TSB's general manager for marketing and customer experience, said the bank was "doing what’s best for New Zealanders contending with the many impacts of Covid-19 on their daily lives".

St John added: "This rate match promise gives Kiwis more financial options and takes stress away, because they can come to TSB and know they’re getting the best interest rates.

"Not only that, but it takes price out of the equation and gives New Zealanders another reason to bank local and keep profits here."

The price-match vow comes after a fortnight of record-low rates and intense competition. Rates could go even lower, with the Reserve Bank suggesting banks have "room to go" lower this week.