Wednesday's OCR rise of 25 basis points brought an immediate move by the big banks to raise their floating mortgage rates.
ASB was the first to move, raising both the floating mortgage rate and some savings deposit rates. (ASB didn't move its floating mortgage rate at the previous OCR rate change, when everyone else did).
That means ASB's new floating rate (4.60%) is lower than their fixed three year rate (4.69%).
ASB's Back My Build rate is rising 25 bps from 2.09% to 2.29%.
On the other side of the ledger, it raised its Savings Plus, and HeadStart account savings rates by 25 bps to 0.65%. No changes were announced for term deposit rates Wednesday.
ANZ announced a 20 bps hike to 4.79%, effective for existing borrowers on December 15.
And Kiwibank announced a 25 bps hike to its floating rates, effective for existing borrowers on December 13.
Here is how floating rates of the main retail banks compare now.
|as at November 24, 2021||Current||change||New||Effective|
|Bank of China||3.69|
We will update this table as each bank announces its rate reaction for home loans.
Late yesterday BNZ raise its fixed home loan rates, matching many recent rises by its rivals. Only its six month fixed rate is lower than any of those rivals.
And if you already have a fixed term mortgage that is not up for renewal at this time, our break fee calculator may help you assess your options. But break fees should be minimal in a rising market.
Here is the updated snapshot of the lowest advertised fixed-term mortgage rates on offer from the key retail banks at the moment.
|Fixed, below 80% LVR||6 mths||1 yr||18 mth||2 yrs||3 yrs||4 yrs||5 yrs|
|as at November 24, 2021||%||%||%||%||%||%||%|
|Bank of China||3.49||3.29||3.49||3.79||4.09||4.39||4.69|
|China Construction Bank||3.45||3.45||3.65||4.15||4.45||4.95||5.05|
|Co-operative Bank [*=FHB]||3.49||3.29*||3.89||4.15||4.49||4.69||4.85|
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