Westpac has changed a key mortgage rate - and introduced two new 'specials'.
The red bank has raised the rate for its 4.19% two year 'special' to 4.29%, effective Monday, June 13, 2016.
That rate wasn't market-leading before the change and it certainly isn't after it.
Westpac has added a three year 'special', pitching it at a 4.49% rate, also not market-leading.
And it has announced a five year 'special' at 4.89%.
Kiwibank and ASB have lower rates than all these new Westpac rates.
Westpac 'specials' require borrowers to have a minimum of 20% equity, salary credit to a Westpac transaction account plus a Westpac credit card or a specified Westpac insurance product, to be approved or issued prior to drawdown date. These special fixed interest rates cannot be used in conjunction with any other Westpac home loan offers or discount packages, including previously negotiated offers, legal fee contributions or the Westpac Choices Home Loan with Airpoints. These special fixed interest rates do not apply to loans for business or investment purposes.
Following Thursday's Reserve Bank Official Cash Rate review, swap rates rose and flattened, although they had been fairly rangebound since the March OCR cut.
The other trend to look out for is banks changing their lending criteria, especially for investors, and even more especially for borrowers who rely on overseas income in their loan applications. BNZ, Westpac and ANZ have made separate moves along these lines.
See all banks' carded, or advertised, home loan rates here.
| below 80% LVR | 6 mths | 1 yr | 18mth | 2 yrs | 3 yrs | 5 yrs |
| % | % | % | % | % | % | |
 |
4.99 | 4.25 | 4.89 | 4.35 | 4.99 | 5.30 |
 |
4.75 | 4.25 | 4.25 | 4.19 | 4.39 | 4.79 |
 |
4.99 | 4.25 | 4.99 | 4.19 | 4.49 | 5.15 |
 |
4.75 | 4.29 | 4.15 | 4.49 | 4.99 | |
 |
5.15 | 4.25 | 4.95 | 4.29 | 4.49 | 4.89 |
 |
4.50 | 4.25 | 4.19 | 4.25 | 4.65 | 4.99 |
 |
4.85 | 4.19 | 4.19 | 4.19 | 4.49 | 4.99 |
 |
4.99 | 4.10 | 4.15 | 4.15 | 4.65 | 4.99 |
 |
4.75 | 4.25 | 4.35 | 4.19 | 4.59 | 4.99 |
In addition, BNZ has a fixed seven year rate of 5.55%, while TSB Bank offers a fixed ten year rate at 5.75%.
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