In the shadow of Christmas, more banks have raised their mortgage interest rates.
Today it has been both BNZ and HSBC.
Neither of these two have raised term deposit rates at the same time.
Today's changes have reset who has the market leading rates.
BNZ has raised all its rates from six months fixed to five years fixed - except its 18 month rate.
Its 6 month rate is now +10 bps higher at 5.09%
Its one year 'special' is also +10 bps higher at 4.39%.
Its 2 year 'special' is up +10 bps as well, and now it sits at 4.59%.
Its 3 year 'special' is up +14 bps to 4.79%.
BNZ also raised its standard 4 year rate by +16 bps to 5.45% and its five year fixed offer rate by +14 bps to 5.59%.
Interestingly, it did not change its 5.99% seven year fixed rate.
However, it did advise that from the start of January, its 'specials' or Classic home loan rates will not be available for "some investor lending" and that "more equity may be required for investors to meet RBNZ minimum equity restrictions.
HSBC has also raise most rates. Its 18 month rate is up by +10 bps to 4.29%, its two and three year rate offers are up by +20 bps, and its four and five year rates are both up by +30 bps.
These two banks are just the latest to raise home loan rates in response to fast-rising wholesale funding costs.
That leaves the picture with respect to who has the market leading offers changed. HSBC Premier sill leads for a one year term, SBS Bank now has the leading rates for 18 months and 2 years, and TSB Bank has the market-leading offers for all terms longer. Kiwibank also has the market-leading two year rate.
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 of 5.99%. This has not changed today.
TSB Bank offers a fixed ten year rate at 5.75%.