The mortgage rate increases keep on coming, today's from ASB.
ASB, who have the second largest mortgage book of any bank, have raised many rates to match ANZ, but have separated themselves with slightly lower levels for both the 12 and 18 month fixed terms.
The new ASB rate card pitches its 12 month fixed rate offer at 4.49%, six bps lower than either ANZ or BNZ, but now +30 bps above both Kiwibank and Westpac - and recall, Westpac reviewed its rates just yesterday.
ASB's rate for the popular two year term is identical to both ANZ and BNZ now, but +26 bps above Westpac and a massive +40 bps higher than the current offer from Kiwibank. If you are fixing now, that Kiwibank offer demands attention, although it is probably under review there as you read this.
There are now very few home loan rate offers that start with a "3" and almost all of those are 3.95% or 3.99%. They are a rare beast these days.
Since the beginning of March, wholesale swap rates have risen almost +90 bps. Since the beginning or April they are up more than +30 bps. And despite a hesitation on bond markets overnight, are not showing any sign of slowing down. Almost a full +50 bps is priced in to financial markets for the May RBNZ OCR rate review. In a few hours we will get the March quarter inflation data, and that will be influential on market pricing as well.
One useful way to make sense of these changed home loan rates is to use our full-function mortgage calculator which is also below. (Term deposit rates can be assessed using this calculator).
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 April 21, 2022 | % | % | % | % | % | % | % |
| ANZ | 4.65 | 4.55 | 4.90 | 5.25 | 5.55 | 6.35 | 6.45 |
 |
4.49 | 4.49 +0.30 |
4.85 +0.10 |
5.25 +0.30 |
5.55 +0.26 |
6.35 +0.46 |
6.45 +0.46 |
 |
4.39 | 4.55 | 4.90 | 5.25 | 5.45 | 5.79 | 5.99 |
 |
4.45 | 4.19 | 4.85 | 4.99 | 5.45 | 5.79 | |
 |
4.39 | 4.19 | 4.69 | 4.99 | 5.29 | 5.59 | 5.69 |
| Bank of China | 4.15 | 4.05 | 4.35 | 4.55 | 4.75 | 5.15 | 5.35 |
| China Construction Bank | 4.15 | 4.25 | 4.50 | 4.90 | 5.20 | 5.65 | 5.90 |
| Co-operative Bank [*=FHB] | 3.89 | 3.79* | 4.49 | 4.79 | 4.99 | 5.45 | 5.79 |
| Heartland Bank | 3.49 | 4.05 | 4.25 | ||||
| HSBC | 4.09 | 3.95 | 4.54 | 4.79 | 5.19 | 5.39 | 5.69 |
| ICBC | 4.15 | 3.99 | 4.35 | 4.50 | 4.85 | 5.05 | 5.25 |
 |
4.49 | 3.99 | 4.39 | 4.55 | 4.69 | 5.19 | 5.55 |
 |
3.95 | 3.95 | 4.55 | 4.85 | 4.99 | 5.45 | 5.65 |
Fixed mortgage rates
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Daily swap rates
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