Kiwibank has advised that its 3.99% one year fixed home loan 'special will end this weekend.
This rate has been available from Monday, August 20, so the 'special' period has only been two weeks.
On Monday, the rate will revert to 4.19%, the same as it was before it was dropped. Their standard rate will also rise to 4.69%.
This change will mean that only HSBC Premier offers any rate below 4%.
Over that period, the wholesale swap rate for a one year duration has moved down from 1.98% to 1.93%, a -5 bps reduction, most of which has come in the past 24 hours.
In fact, there is downward pressure on wholesale rates across the curve even if today we are seeing a minor +1 bp firming.
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 August 31, 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%.