Kiwibank has increased both its floating and revolving mortgage rates by 15 basis points effective today (Monday).
The bank's new floating and offset rate is 5.70%, and its new revolving rate is 5.75%.
Even with the increase, Kiwibank's floating rate is still below the floating rates on offer from the big four banks. However, The Co-operative Bank and TSB Bank have lower rates, as does HSBC for its premier customers.
“Kiwibank continuously monitors the interest rate environment and always aims to be highly competitive. Recently it has become both more expensive for us to fund our loans and the level of funding uncertainty in the market has increased. As such an adjustment was necessary, however we still maintain one of the lowest variable [floating] rates in the market of any bank despite this change," Kiwibank says.
Here is a snapshot of the current floating rates on offer from the key retail banks and their recent changes.
|below 80% LVR||as at
Dec 31, 16
Jan 31, 17
Feb 28, 17
Mar 31, 17
May 8, 17
And below is a snapshot of the fixed-term rates on offer from the key retail banks.
|below 80% LVR||6 mths||1 yr||18 mth||2 yrs||3 yrs||4 yrs||5 yrs|