ASB has raised some fixed home loan rates, according to changes on their website today.
Three terms have been increased by +10 bps.
These new rates are effective now (Friday, July 7, 2017).
They have raised their two year 'special' rate to 4.84%, while the standard rate for this term is up to 5.24%.
They have raised their four year 'special' rate to 5.59%, while their standard rate for this term is up to 5.99%.
And they have raised their five year 'special' to 5.79%, and pushed their standard rate up to 6.19%.
Identical rises apply at Sovereign and BankDirect.
The last time ASB changed mortgage rates was on April 28, 2017. They are following ANZ, BNZ and Kiwibank (although the last Kiwibank move was a reduction).
This places ASB in the market with the lowest one year rate (with Kiwibank) of the major mortgage lenders, the lowest 18 month rate among those five, the highest (with ANZ and Westpac) two year rate, and the lowest 3, 4 and 5 year rates compared to their main rivals.
In the wholesale money markets, rates have started to rise from their long slumber. These rises have not been at the short end however, although there is some action for terms of two years and longer. Rates are +15 bps higher than where they were in mid-May 2017, but are still lower than where they started 2017.
Here is a snapshot of the fixed-term rates on offer from the key retail banks.
|below 80% LVR||6 mths||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 which is 6.15%.
And TSB Bank still has a ten year fixed rate of 5.99%.