Second out of the blocks today with home loan rate changes are the Co-operative Bank. They follow ANZ.
They have also made matching changes to selected term deposit rates.
Firstly, they have increased their mortgage floating rates by the full +0.25% taking their variable rate to 6.45%, and the same rate for their revolving credit product.
And they have increased all their fixed home loan rates up to a two year term.
Their six month fixed rate rises to 6.00%, up +20 bps from 5.80%.
Their one year rate goes up +15 bps to 6.00% from 5.85%.
Similarly, their eighteen month and two year rates rise by similar amounts to 6.00%, up by +15 bps from 5.85%.
At the same time, they have raised the rates on their 3 month and six month term deposits. Those rates rise to 4.00%, up from 3.70% and 3.80% respectively.
Following these changes, we heard that Sovereign is raising its variable rates +0.25% for its 'Go' products to 6.60%, effective tomorrow. That most likely means that the ASB variable rate announcement will be coming soon and be a similar hike.
See all banks' carded, or advertised, home loan rates here.
This is how the new Co-op Bank mortgage rates compare:
| below 80% LVR | 1 yr | 18 mths | 2 yrs | 3 yrs | 5 yrs |
 |
5.95% | 6.19% | 5.85% | 6.55% | 7.40% |
 |
5.85% | 5.99% | 5.89% | 6.25% | 7.40% |
 |
5.85% | 5.99% | 5.89% | 6.25% | 6.99% |
| Kiwibank | 5.85% | 5.85%* | 6.29% | 7.20% | |
 |
5.95% | 6.14% | 5.85% | 6.25% | 6.89% |
| Co-op Bank | 6.00% | 6.00% | 6.00% | 6.25% | 6.89% |
 |
5.59% | 5.99% | 5.99% | 6.99% | |
 |
5.70% | 5.85% | 5.99% | 5.95% | 6.79% |
| TSB | 5.70% | 5.85% | 5.80% | 6.25% | 7.40% |
* only as part of their 60/40 'special' deal. Otherwise 6.19%.
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