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A review of things you need to know before you go home on Tuesday; Kiwibank raises mortgage rates; ASB raises funds at 6.65%; home loan affordability worsens; swap rates jump

A review of things you need to know before you go home on Tuesday; Kiwibank raises mortgage rates; ASB raises funds at 6.65%; home loan affordability worsens; swap rates jump
For Tuesday, April 22, 2014. <a href="http://www.shutterstock.com/">Image sourced from Shutterstock.com</a>

Here are the key things you need to know before you leave work today.

KIWIBANK RAISES FIXED MORTGAGE RATES
The state owned bank raised 1, 2 and 3 year fixed term home loan rates, bringing them more into line with what their main rivals are offering.

HOME LOAN AFFORDABILITY DETERIORATES SHARPLY
The combination of rising median house prices and rising interest rates have made the Roost home loan affordability measure worsen by the most in one month since we started the metric 12 years ago.

ASSESSING REGIONAL POTENTIAL
Ministers Brownlee and Joyce are launching an East Coast economic potential study tomorrow, hard on the heels of a similar one launched recently for Northland.

ASB RAISES $400 MLN
In a complex 10 year deal, ASB has raised $400 mln that will cost it 6.65% pa.

WHOLESALE RATES HIGHER
Swap rates rose aggressively today rising by another +4 bps for 2 and 3 years, by +5 bps for 4 and 5 years, and up by +6 bps for 10 yr swaps which are now back over 5%. The 90 day bank bill rate held on to last week's high of 3.28%.

OUR CURRENCY
The NZ dollar has been trading very quietly today, essentially unchanged from the falls that occurred offshore at the end of last week. It is now at 85.8 USc and 91.9 AUc. The TWI is at 79.8.

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