ASB and The Co-operative Bank make mortgage rate changes, and some savings account changes. There are small variations between institutions that open up some opportunities

ASB is the next bank to raise its floating rate, and they pushed through the full +50 basis points, matching Kiwibank and ANZ.

But ASB says they will apply that rate to existing customers on September 1, which is earlier than the September 5 that Kiwibank and ANZ chose.

ASB also raised some savings accounts by +50 bps for their SavingsPlus and Headstart accounts, and +25 bps for the Savings at Call account. They raised their six month term deposit by +15 bps and their nine month term deposit by +20 bps. No other terms were changed. Neither new levels are anything special.

ASB has also ended its Back my Build programme, closing new applications for this Funding for Lending Programme-funded cheap new-build offering.

Meanwhile, Co-operative Bank has trimmed -10 bps from its 6 month and 12 month fixed rates. At the same time, the Co-operative Bank has raised almost all its savings account rates, but none of those changes will be effective until September 7. The Co-operative Bank's floating rate increase was only +40 bps, leaving it about -20 bps lower than the main Aussie banks, and +15 bps higher than Kiwibank.

In wholesale markets, global rates are moving up again and that is being reflected in local swap rates. At the end of last week, the two year swap hit 4%, back to the level it was last at on July 26. For the week that means the one year rose +8 bps, the two year was up +13 bps, and the three year up +17 bps. These upward pressures are likely to flow into this week.

And if they continue at the pace of last week, that means the period of slipping fixed rates will end and they may start to trend back up again.

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 although break fees should be minimal in a rising market, they will start to bite in a falling 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 August 22, 2022	%	%	%	%	%	%	%
ANZ	5.15	4.99	5.29	5.45	5.69	6.85	6.95
	5.15	4.99	5.29	5.45	5.69	5.79	5.79
	4.99	4.95	5.49	5.39	5.69	5.89	5.99
	5.45	4.95		5.45	5.89	6.05	6.29
	4.99	4.95	5.29	5.45	5.69	5.99	6.09
Bank of China		4.85 -0.14	5.09 -0.20	5.19 -0.10	5.39 -0.30	5.59 -0.30	5.59 -0.40
China Construction Bank	4.99	4.95	5.29	5.45	5.69	6.85	6.85
Co-operative Bank [*FHB special]	4.89 -0.10	4.79* -0.10	5.39	5.39	5.69	5.79	5.89
Heartland Bank		4.79		5.29	5.39
HSBC	5.04	4.89	5.09	5.14	5.39	6.09	6.19
ICBC	4.99	4.79	5.15	5.15	5.69	5.89	5.99
	4.95	4.89	5.35	5.29	5.49	5.79	5.79
	4.89	4.85	5.19	5.29	5.59	5.69	5.69