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Kiwibank increases 1 to 3 year fixed-term home loan interest rates

Kiwibank increases 1 to 3 year fixed-term home loan interest rates

Kiwibank has raised its fixed-term home loan interest rates for one, two and three year terms.

The state owned bank has increased its one-year rate by 16 basis points to 5.85%, its two-year rate by 20 basis points to 6.19%, and its three-year rate by 20 basis points to 6.60%.

The increase to the one-year rate brings Kiwibank's carded, or advertised, rate into line with that offered by all of the big four banks. The increase to its two-year rate takes Kiwibank above all the big four banks bar ASB, and its new three-year rate still leaves just BNZ with a lower advertised rate for this term among the big four banks. The rates offered by the other, smaller banks for one to three years can be seen below.

The Kiwibank increases come ahead of expectations the Reserve Bank will increase the Official Cash Rate by 25 basis points to 3% on Thursday.

See all banks' carded, or advertised, home loan rates here.   

Kiwibank's latest fixed rates compare as follows:

below 80% LVR 1 yr 18 mths 2 yrs 3 yrs 5 yrs
           
5.85% 5.99% 5.95% 6.85% 7.40%
ASB 5.85% 5.99% 6.49% 6.85% 7.40%
5.85% 5.99% 5.95% 6.29% 7.40%
Kiwibank 5.85%   6.19% 6.60% 7.20%
Westpac 5.85% 5.99% 5.95% 6.85% 7.40%
           
Co-op Bank 5.65% 5.85% 5.99% 6.35% 7.10%
HSBC 5.59%   5.79% 6.55% 7.20%
5.60% 5.85% 5.99% 6.35% 6.99%
TSB 5.40% 5.85% 5.99% 6.40% 7.20%

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Fixed mortgage rates

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2 Comments

Yawn. They will come back down as borrowers dry up.

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Why?

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