ICBC in Auckland central. Photo: RNZ / Ziming Li
Another small player in New Zealand's banking market is offering a home loan rate better than the big banks.
ICBC was offering a 5.05 percent one-year rate and cash back up to $25,000.
The main banks were advertising either 5.19 percent, 5.25 percent or 5.29 percent.
It comes after SBS offered first-home buyers 4.39 percent.
Karen Tatterson, a mortgage adviser at Loan Market said it would apply to new approvals.
"Cash back is normally offered at the time of settlement."
She said she was able to access about 5.12 percent for one year from the main banks.
But Glen McLeod, head of Link Advisory, said it was a good rate, and a decent cashback offer.
He said it was normal for the maximum cashback to be capped at $20,000.
"It's good to see that there is some healthy competition out there for clients. The devil is always in the detail. Checking eligibility criteria is a must."
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