Higher home loan rates across the board from TSB Bank, including the first change to their unique ten year rate in seventeen months

TSB Bank has raised most fixed home loan interest rates across the board today.

These changes involve rates from six months fixed to ten years fixed, but excludes their 18 month and two year rates.

And this change does not include their floating rates.

Nor did they change any term deposit rates; the last change to those was on March 8, 2017.

Today's mortgage rate change is TSB Bank's first since February 14, 2017.

Today's change sees their 6 month rate rise +10 bps to 4.85%.

Their one year rate also rises +10 bps to 4.55%, and a similar increase has been applied to their three year rate which is now 5.15%.

Their four year rate is is +20 bps to 5.65%.

And their five year rate is up +29 bps to 5.79%.

This rate rise round also includes an increase for their ten year rate, up +24 bps to 5.99%. This is the first change to their unique ten year fixed rate since October 16, 2015.

Wholesale rates have changed little since the last round of TSB Bank fixed mortgage rates on February 14, 2017. In fact they are basically unchanged for terms of one, two and three years, are up +6 bps for four years, and up +10 bps for five years. But more importantly for a bank like TSB Bank, retail deposit rates have been creeping higher for the shorter terms and these have a much more important impact on them.

Today's changes do not alter who has the leading carded rates for mortgage borrowers. HSBC Premier has the market leading position for all terms at this time except for six months where the Co-operative Bank has a 4.80% rate, and 5 years where Westpac's 'special' is lower. Other than HSBC Premier, ANZ now has the lowest rate for one year, four banks are on 4.75% for an 18 month rate, TSB Bank and SBS Bank have 4.75% for two years, ASB, BNZ and Westpac all have 5.09% for three years, and ASB has 5.49% for four years.

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

A snapshot from the key retail banks is:

below 80% LVR 6 mths  1 yr  18 mth  2 yrs   3 yrs  4 yrs  5 yrs 
  % % % % % % %
4.99 4.39 5.05 4.79 5.49 5.70 5.85
ASB 4.95 4.59 4.75 4.79 5.09 5.49 5.69
5.35 4.59 5.05 4.79 5.09 5.89 6.09
Kiwibank 4.99 4.59   4.79 5.25 5.75 5.99
Westpac 5.25 4.59 5.05 4.79 5.09 5.69 5.49
               
4.80 4.59 4.75 4.85 5.25 5.65 5.85
HSBC 4.85 4.19 3.99 4.39 4.89 5.29 5.59
HSBC 4.99 4.45 4.75 4.75 5.25 5.65 5.85
4.85 4.55 4.75 4.75 5.15 5.65 5.79

In addition to the above table, BNZ has a fixed seven year rate which is 6.15%.

And TSB Bank now has a ten year fixed rate of 5.99% which was raised +24 bps from 5.75% today.

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

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19 Comments

Like water torture .... drip.......... drip........... drip , small drips but uncomfortable for borrowers nonetheless

from recent stats, looks like with every drip, Auckland prices are droping 10k :)

Drip yourself. Auckland ranked third in world in Mercer quality of life survey!!
Consultancy giant Mercer's Quality of Living Index ranks New Zealand's biggest city third out of 450 cities. Austrian capital Vienna was top, and Switzerland's largest city, Zurich, was second.
Auckland and Vancouver (5) are the only non-European cities in the top 10.
http://www.stuff.co.nz/travel/destinations/nz/90433477/auckland-ranked-t...

Of course they're desirable - that's why those who don't care about the lot of young Kiwis growing up in Auckland now will sell anything for a quick buck at their expense and vote against any discouragement to foreign investment. Funnily enough, both Vancouver and Auckland have been selling out the city from underneath the upcoming generations, with the buy-up coming from money flowing out of mainland China.

Ah well, muskets and blankets worked out well for the Maori, I guess.

Vancouver authorities have finally started to take action, albeit too late. Most likely the only hope for upcoming generations of Kiwis is a government with some interest in what's left to them, not just in auctioning NZ off to the highest bidder. National MPs appear to interested in growing their own portfolios.

You mean that Quality of Living index that is used to work out the remuneration paid to short term high paid corporate overseas tranferees.

How about quoting a Quality of Living survey that asks the long term locals what it is like to live in Auckland!

Haha... you're the last man standing. ..where are all your other supporters. . They know the tide has turned. .. hopefully you haven't dripped yourself with that fear

Haha yourself. I live in the 3rd best city in the whole wide world in terms of quality of life and 7 mins commute to work in the CBD. Also my own family home is mortgage free in DGZ, so why would I drip myself with that fear out of the blue??

hope you have a load full of anti depressant medication.. you will need it shortly.. just seeing your reaction..hahaha

I don't need anti depressant thank you very much. I will sell my rentals when the time is right but not in the foreseeable future. My tenants are grateful that they have a place to live and to call home. I am helping accommodating them so that they can be safe.

that's good. at least you are being a good landlord :)

I'm standing as well.

Also is getting worse in terms of traffic by the day. Glad pretty much anything I do is from my garage.

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11818222

Yes Auckland is great, but then so is just about anywhere once your Mortgage free and don't need to travel at peak times, otherwise your a hamster on a motor driven wheel.

You are totally wrong. The Waterview tunnel is about to open in less than a month and it will halve the traffic flow on both the Southern and North Western motorways. You know nothing about Auckland, just keep moaning away your life.

Halve it for a year, perhaps.
Building roads has never eased congestion in the medium to long term.
You wait, 2 years from now the congestion will be the same as it is today.

That's two pretty courageous predictions - possibly silly

half it? Based on what evidence please? Auckland is just getting further into debt trying to reolve a problem with a solution that is known not work. Gotta keep funding those contractors though...how else does a city planner get a free holiday, dinner and perks?

"A recent experimental study confirmed that this paradox still exists by showing that expanding road capacity can result in worse traffic conditions for everybody"

http://theconversation.com/do-more-roads-really-mean-less-congestion-for...

NZTA confirm congestion will not be relieved
http://transportblog.co.nz/tag/waterview-connection/

During the AM peak-hour period the Waterview Connection will pick up traffic from Onehunga, Mt Roskill, Mt Albert, Hillsborough and dump it out at Point Chevalier which will cause bottle-necks for traffic travelling down the North-Western Motorway into the CBD. New traffic that never used the motorway system to get into the CBD in the past

Wrong direction. Dump it north & west bound not city bound.