Rates on the move

Rates on the move

There have been a number of interest rate movements today this morning, mainly by banks.

Mortgages

Westpac has announced its Christchurch 'red zone' special, a variable rate of 3.65%. This has them following ANZ-National's lead, and now ASB is the only big bank not to have an offer like this.

NZ Home Loans has ended its Sovereign-special, raising back its one and two year fixed rates by 0.10% to 5.95% and 6.40% respectively.

TSB has announced a 'Special' one year fixed rate of 5.20%. The 'special' conditions that apply to this rate are that this offer applies to new owner occupied residential purchases or the refinancing of residential housing finance from other banks up to 65% of valuation. It is not available through brokers. The minimum loan amount is $150,000. Earlier, TSB raised its standard one year fixed mortgage rate to 5.75% from 5.50%. However, this still leaves it with the most competitive one year fixed rate for any bank, the next best being from Kiwibank at 5.80%. The best main-bank rate is 5.95%

All updated mortgage rates are here >>

Term Deposits

Kiwibank has reduced its 5 and 6 month term deposit rates by 0.10% to 3.70% and 3.90% respectively.

TSB has also reduced term deposit rates for terms of 6 months and 1 year, which now become 4.25% and 4.55% respectively. They have added two new special-term rates; 160 days for 4.20% and 15 months for 4.40%.

All updated term deposit rates are here >>

(Updates with new TSB specials.)

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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If they want more of my cash they should beraising the deposit rates.

howevr a great case for equities of the right type.

The PIE property trusts are looking very good now. Double the bank rates and can be sold "on call".

 

The banks economists and marketing depts are bored...this has to be one of the logest no change period in interest rate for some time.

All just a bit of interm marketing competing for any new customers, namely those who happen to be buying a house.

I wonder where retired people are putting their savings as their term deposits mature? 

The rates I am offered on re investment are half what I was getting.

There are no good options.

The economists and journos have been predicting "higher interest rates" for a couple of years now. 

Most don't have any WAS...thems what do are either being robbed by Bollard with his near zirp policy and by the govt with its debasement policy...or they are smart enough to know which investment house can provide a foreign account for them with a higher rate..ie across the ditch.

The younger gen are learning that saving is a waste of effort in NZ. They know to blow the lot on fun while they are young.