Westpac has raised home loan fixed rates.
According to an emailed advice, these rises will be effective Wednesday morning.
Their six month fixed rate has been increased to 5.75%, up 25 bps from 5.50%.
Their one year rate rises to 5.95%, up 10 bps from 5.85%.
And their 18 month fixed rate is now 6.14%, up 15 bps from 5.99%.
Thesed increases make Westpac less rate-competitive. They are moving up into the 'space' created earlier by ANZ.
However, unlike ANZ, Westpac did not announce term deposit rises at the same time. Not yet, anyway.
RBNZ housing loan approval data continues to suggest a sluggish mortgage market, growing significantly slower than this time a year ago.
These increases come despite some recent falls in international wholesale rates which are flowing through to local swap markets, although most of these reductions are in the long end.
See all banks' carded, or advertised, home loan rates here.
The latest Westpac fixed rates compare as follows:
| below 80% LVR | 1 yr | 18 mths | 2 yrs | 3 yrs | 5 yrs |
 |
5.95% | 6.19% | 5.99% | 6.55% | 7.40% |
 |
5.95% | 5.99% | 6.19% | 6.25% | 7.40% |
 |
5.85% | 5.99% | 5.95% | 6.25% | 7.40% |
| Kiwibank | 5.85% | 6.19% | 6.29% | 7.20% | |
 |
5.95% | 6.14% | 6.19% | 6.25% | 7.40% |
| Co-op Bank | 5.85% | 5.85% | 5.99% | 6.25% | 6.99% |
 |
5.59% | 5.99% | 5.99% | 6.99% | |
 |
5.60% | 5.85% | 5.99% | 6.25% | 6.79% |
| TSB | 5.70% | 5.85% | 5.99% | 6.25% | 7.40% |
--------------------------------------------------------------
Mortgage choices involve making a significant financial decision so it often pays to get professional advice. A Roost mortgage broker can be contacted by following this link »
--------------------------------------------------------------
Fixed mortgage rates
Select chart tabs
2 Comments
Banks are very very keen & anxious to re-fix those borrowers coming off fixed rates atm. They call their customers many times trying to persuade them to fix again.
Banks prefer their borrowers to be on a fixed rate in order to retain them. If borrowers float they have options to move.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.