Even as wholesale rates are moving up, two banks have this week lowered some selected mortgage rates.
Earlier this week, Westpac added a 'special' one year fixed rate of 5.39% for borrowers with at least 20% equity. This is 10 bps lower than their standard rate for sub 80% LVR loans.
And today, BNZ has changed its three year fixed rate mortgage offers, also lowering their rate.
BNZ has removed its Classic three year rate of 6.39% and embedded it as their Standard & FlyBuys three year rate.
That means their Standard three year rate has been reduced 26 bps from 6.65%.
They have also made an equivalent change to their low equity three year rate. This has become 6.89%, down 26 bps from 7.15%.
Wholesale money rates rose aggressively in late December, and then began falling away. However, since the surprise CPI data on Tuesday showing inflation higher than markets were expecting, wholesale rates have started rising again.
See all carded, or advertised, bank home loan rates here.
| below 80% LVR | 1 yr | 18 mths | 2 yrs | 3 yrs | 5 yrs |
 |
5.49% | 5.85% | 6.29% | 6.65% | 7.20% |
 |
5.49% | 5.85% | 6.29% | 6.60% | 7.20% |
| BNZ | 5.39% | 5.85% | 6.29% | 6.39% | 7.20% |
| Kiwibank | 5.45% | 5.95% | 6.40% | 6.90% | |
 |
5.39% | 5.85% | 6.29% | 6.65% | 7.20% |
| Co-op Bank | 5.29% | 5.85% | 6.25% | ||
 |
5.39% | 6.29% | 6.55% | 7.20% | |
| SBS / HBS | 5.35% | 5.60% | 5.80% | 6.10% | 6.70% |
| TSB | 5.30% | 5.65% | 5.95% | 6.40% | 7.20% |
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