BNZ makes some end-of-year changes to its Classic 'special' home loan rates with three raised and one lowered. Westpac also tweaked one rate

BNZ is the latest main bank to raise fixed home loan rates. But is also trimmed one.

Following everyone else, and Westpac on Friday, it has adopted 3.55% as their two year fixed 'special'.

It has also ended its 3.99% rates for four and five years and that means only Kiwibank has a sub 4% rate now for either term.

At the same time, BNZ has trimmed -10 bps from its three year rate taking it back to 3.89% and a level that matches ASB and Kiwibank. That allows it some competitive brownie points against both ANZ and Westpav who are still at 3.99% for the three year term.

All of BNZ's (and Westpac's) recent chnages have been to their 'special' rates for LVRs of 80% or less. Neither made changes to their standard rates at this time. And neither made matching term deposit changes either.

BNZ's changes have raised the bar on TSB's Price Match Promise, and that is reflected in the table below.

Because the recent shifts have been rises, many borrowers who expected that very low rates will be around for a while yet may like to assess their judgment. If you don't have a roll-over decision quite yet, you may want to figure out the break fee cost if you want to lock in a current low rate. Using our break-fee calculator can help you with that decision.

This is the time of year when pricing becomes more standard and less competitive. Not only are transaction volumes tailing off for the holiday break, but banks will want to be in a position to launch eye-catching 'specials' when we wll return from holiday with house-buying on our mind and in the run-up to the businy March-April real estate period. In 2020 Easter will occur a week earlier than last year and in mid-April and that is when the summer selling season will peak.

Here is the full snapshot of the advertised fixed-term rates on offer from the key retail banks.

Fixed, below 80% LVR	6 mths	1 yr	18 mth	2 yrs	3 yrs	4 yrs	5 yrs
as at December 16, 2019	%	%	%	%	%	%	%
ANZ	3.65	3.55	3.39	3.55	3.99	4.75	4.85
	3.89	3.39	3.75	3.55	3.89	4.19	4.29
	4.79	3.49	3.39	3.55	3.89	4.09	4.19
	4.29	3.45		3.55	3.89	3.99	4.09
	4.79	3.39	4.25	3.55	3.99	4.35	4.45
Bank of China	3.99	3.15	3.39	3.39	3.79	3.99	3.99
Co-operative Bank	3.49	3.49	3.59	3.59	3.89	3.99	4.09
China Construction Bank	4.70	3.15		3.15	3.19	3.30	3.45
ICBC	4.29	3.18	3.18	3.18	3.20	3.99	3.99
	4.19	3.54	3.54	3.54	3.69	3.79	3.89
	4.29	3.39	3.69	3.45	3.89	4.49	4.49
	4.35	3.55	3.55	3.45	3.89	4.45	4.55
Price Match Promise	3.65	3.39	3.39			4.09	4.19

In addition to the above table, BNZ has a unique fixed seven year rate of 5.70%.

All carded, or advertised, term deposit rates for all financial institutions for terms of less than one year are here, and for terms of one-to-five years are here. And term PIE rates are here.