ANZ pulls out of its low one year home loan rate special, settling back into the middle of the pack. But it did reduce its highish two year rate, but to an undistinguished level

ANZ is giving up its near-market-leading home loan one year fixed rate, raising that rate by +10 bps to 4.35%.

That makes its new offer unremarkable compared with its main rivals although it still has a 4 bps rate 'advantage' over ASB, BNZ and Westpac for that term.

At the same time it is reducing its 4.65% two year fixed rate offer by -10 bps to 4.55%.

This two year rate is not remarkable either, but it does leave Westpac alone with a 4.65% rate.

These changes come after Kiwibank cut a range of rates a week ago today. Kiwibank's new rates are much sharper. ANZ's move doesn't undermine any of Kiwibank's new positions.

ANZ's standard rates also changed by the same +10 / -10 bps shifts.

ANZ's 'specials' (which also include a 4.99% three year fixed rate) all require their three usual conditions: at least 20% equity; and an ANZ transactional account with salary direct credited; and if you are a new ANZ customer, at least one other 'product' (like a credit card, KiwiSaver, insurance, or the like).

See all banks' carded, or advertised, home loan interest rates here.

Here is the full 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 
as at March 23, 2018 % % % % % % %
4.99 4.35 5.15 4.55 4.99 5.89 6.09
ASB 4.95 4.39 4.49 4.59 4.89 5.39 5.59
5.35 4.39 5.05 4.49 4.99 5.89 6.09
Kiwibank 4.99 4.29   4.49 4.85 5.19 5.39
Westpac 5.25 4.39 5.15 4.65 4.94 5.89 5.59
4.80 4.39 4.49 4.59 4.99 5.39 5.59
HSBC 4.85 4.19 4.19 4.29 4.89 5.29 5.59
HSBC 4.99 4.29 4.59 4.64 4.99 5.49 5.55
4.85 4.29 4.39 4.55 4.89 5.55 5.69

In addition to the above table, BNZ has a fixed seven year rate which is 6.15%.

And TSB still has a 10-year fixed rate of 6.20%.

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I think wage rises win, I think higher interest rates win (or in fact continue to win) and the 30 or so year bond bull is done.

After all, the CB’s wanted inflation – so here it comes.

Be careful of what you wished for.