The Co-operative Bank has come to the party, adopting a 4.29% one year fixed rate 'special' - or more accurately in their case, for owner-occupiers.
They also trimmed their two year rate by -4 bps.
These changes come after SBS Bank also dropped its two year fixed rate special' by -4 bps, also to 4.55%. SBS Bank were already at 4.29% for one year fixed.
In fact, 4.29% is now the rate for all banks except the Aussie owned major who all have higher one year rates. And except for HSBC Premier, which still has a 4.19% fixed rate for that term.
Home loan rates continue to be adjusted lower for selected terms. In fact, the Co-operative Bank trimmed their 18 month and three year fixed home loan rates just last week.
Mortgage rate changes are now fairy small, indicating that banks' room to move is limited. Reversions are also not uncommon - BNZ raised a rate recently.
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||%||%||%||%||%||%||%|
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%.