Kiwibank has followed ASB and raised fixed mortgage rates, effective Tuesday, January 10, 2016.
Their changes are across the board and range from +10 to +20 bps.
Their six month fixed rate has become 4.85%, a +10 bps rise.
Their one year fixed 'special' is now 4.35%, and +11 bps rise.
Their two year fixed 'special' is now 4.54%, a rise of +15 bps. They now no longer have this as a market-leading rate for this term, but it is equal with Westpac as the lowest of any of the main banks.
Their 3 year 'special' has been hiked a full +20 bps to 4.95%.
For terms of 4 and 5 years, the rise is +15 bps to 5.45% and 5.55% respectively.
It seems unlikely that they will be the last of the banks to hike home loan rates as the world adjusts to the prospect of higher interest rates.
Update: Kiwibank also raised all its floating rates. See details here.
Today's adjustments don't change who has the leading carded rates for mortgage borrowers. HSBC Premier still leads for a one year term, SBS Bank now has the leading rates for 2 years, and TSB Bank has the market-leading offers for all terms longer.
A snapshot from the key retail banks is:
|below 80% LVR||1 yr||18 mth||2 yrs||3 yrs||4 yrs||5 yrs|
In addition to the above table, BNZ has a fixed seven year rate of 5.99%. This has not changed today.
TSB Bank offers a fixed ten year rate at 5.75%.