The Co-operative Bank has raised five key home loan rates.
It has raised its six month fixed home loan rate by +15 bps to 4.65%.
It has raised its one year fixed home loan rate by +14 bps to 4.39%.
It has raised its 18 month fixed home loan rate also by +16 bps to 4.45%.
It has raised its two year fixed home loan rate by +10 bps also to 4.45%.
And it has raised its fixed three year home loan rate by +10 bps to 4.59%.
These new rates will be effective on Wednesday, October 5, 2016
After these changes, this means that SBS Bank will now have the lowest bank rate for a fixed six month term.
It also means that the Co-operative Bank will have the highest mortgage rate for a fixed term of both one and two years.
And apart from ANZ which has the highest three year rate, it has the next highest rate for that term.
These changes come hard on the heals of some sharp rises in wholesale swap rates in the past few days, and follow some mortgage rate rises announced by Kiwibank and BNZ earlier this week.
But the real driver in this case seems to be the higher term deposit rates.
A spokeperson for Co-operative Bank says they are responding to term deposit pricing that has become entrenched at higher levels and "show no signs of easing anytime soon".
"Deposit pricing at 3.6% and above renders the current fixed mortgage rates unsustainable in our view," he said.
"We will revisit this mortgage pricing in the event term deposit rates fall."
See all banks' carded, or advertised, home loan rates here.
| below 80% LVR | 6 mths | 1 yr | 18 mth | 2 yrs | 3 yrs | 5 yrs |
| % | % | % | % | % | % | |
 |
4.99 | 4.25 | 4.89 | 4.29 | 4.99 | 5.30 |
 |
4.75 | 4.25 | 4.25 | 4.29 | 4.34 | 4.79 |
 |
4.99 | 4.29 | 4.99 | 4.39 | 4.49 | 5.15 |
 |
4.75 | 4.24 | 4.24 | 4.34 | 4.99 | |
 |
5.15 | 4.25 | 4.95 | 4.29 | 4.49 | 4.89 |
 |
4.65 |
4.39 |
4.45 |
4.45 |
4.59 |
4.99 |
 |
4.85 | 4.19 | 4.19 | 3.79 | 4.49 | 4.99 |
 |
4.50 | 4.25 | 4.15 | 4.15 | 4.55 | 4.99 |
 |
4.75 | 4.25 | 4.35 | 4.19 | 4.59 | 4.99 |
In addition, BNZ has a fixed seven year rate of 5.55%, while TSB Bank offers a fixed ten year rate at 5.75%.
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