BNZ pushes through rate hikes of up to +30 bps for almost all its home loan rates, and makes modest changes to two selected TD rates under two years

BNZ raises most mortgage rates, including its floating rate.

It has raised its Standard and TotalMoney “variable rate” loans by +15 bps to 5.79%. And it has raised its revolving credit Mortgage One product to 6.40%, and its Rapid Repay product to 5.85%, both rises of +15 bps.

On Monday, Kiwibank also raised its floating rates, by +15 bps.

In addition, BNZ has raised all but one of their rates for fixed rate term mortgages by between +6 bps and +30 bps.*

Its Standard six month rate is now 5.25%, a rise of +16 bps.

Its fixed one year ‘special’ rate is now 4.49%, up +10 bps.

Its eighteen month fixed rate has been raised by +6 bps to 5.05%.

Its two year ‘special’ is now 4.79%, a +20 bps hike.

Its three year ‘special’ is now 5.09%, a +30 bps jump.

Its four year Standard rate is up +24 bps to 5.69%

Its five year standard rate is now 5.79%, a +20 bps rise.

And it is the only bank to offer a seven year fixed rate, which it has raised +16 bps to 6.15%

Today’s changes don’t change who has the leading carded rates for mortgage borrowers. HSBC Premier still leads for a one year term, SBS Bank now has the leading rates for 2 years, and TSB Bank has the market-leading offers for all terms longer.

At the same time, BNZ has raised five term deposit rates; it has added +5 bps to its 9 month TD rate taking it to 3.65%. It has added +10 bps to its 18 month rate taking it to 3.60%. Rises in rates for term commitments of 3, 4 and 5 years were also announced and these involved +30 and +40 bps rises.

See all banks’ carded, or advertised, home loan rates here.

A snapshot from the key retail banks is:

below 80% LVR  1 yr  18 mth  2 yrs   3 yrs  4 yrs  5 yrs 
  % % % % % %
4.25 4.99 4.59 5.29 5.45 5.60
ASB 4.49 4.65 4.79 5.09 5.49 5.69
4.49 5.05 4.79 5.09 5.69 5.79
Kiwibank 4.35   4.54 4.95 5.45 5.55
Westpac 4.25 4.95 4.54 4.79 5.49 5.39
             
4.39 4.55 4.55 4.89 5.39 5.55
HSBC 4.19 4.29 4.39 4.69 5.09 5.29
HSBC 4.29 4.45 4.39 4.75 5.29 5.45
4.25 4.45 4.49 4.59 4.89 4.99

In addition to the above table, BNZ has a fixed seven year rate which it has raised to 6.15%, a +16 bps rise.

TSB Bank offers a fixed ten year rate at 5.75%.

* = The only BNZ fixed mortgage rate not raised today is their Standard one year rate which remains at 4.89%.