ANZ has now pushed its fixed rate offers to new market highs in this cycle.
These changes are for all rates of two years and longer.
The result is a rate offer set that is significantly higher than all its rivals for every term except for 1 year.
Their existing 18 month rate is unchanged at 4.89% but it is +60 bps higher than the ASB offer and +70 bps higher than the current HSBC offer.
ANZ's 2 year fixed 'special' rate has been raised +16 bps to 4.45% and that is +16 bps above the current offers from Kiwibank and Westpac and +26 bps above the current offers by HSBC and TSB Bank.
The new ANZ three year fixed rate has been raised by +16 bps to 5.15% and that is now +66 bps above the Westpac offer for this fixed term, and +80 bps above the current SBS Bank offer.
Their new four year fixed offer is up +9 bps to 5.29% which is +30 bps above the ASB equivalent, and +40 bps above the current offer from HSBC Premier.
And their five year fixed rate has been raised by +15 bps to 5.45%, which is +56 bps higher than what Westpac offers.
All these changes are effective from Thursday, November 24.
ANZ has also raised some term deposit rates and the details are here.
ANZ has not advised of any equivalent term deposit rate rises.
These changes follow the sharp rises in wholesale swap rates for terms of three years and longer. In fact, the steepening of the rate curve has been quite marked over the past two weeks.
Borrowers should expect other banks to respond in similar ways for similar reasons. The availability of low long term fixed rates is closing quickly.
A snapshot from the key retail banks is:
|below 80% LVR||1 yr||18 mth||2 yrs||3 yrs||4 yrs||5 yrs|
In addition to the above table, BNZ has a fixed seven year rate at 5.89%
TSB Bank offers a fixed ten year rate at 5.75%.