BNZ has ended its two-year ‘special’ fixed home loan rate of 4.49%, reverting to 4.65%.
That lower rate applied from March 6 and has been withdrawn today (Tuesday). It lasted two weeks.
This is a +16 basis points rise and takes the rate back to match its main Aussie-owned bank rivals.
Kiwibank had matched BNZ’s move, but now has the lower 4.49% rate on its own among the main banks.
None of the other majors followed BNZ.
HSBC Premier still has its 3.95% two-year offer, and TSB still has its 4.39% offer.
Since BNZ made its reduction on March 6, two-year swap rates have risen by +7 basis points. They had been stable in the five weeks prior to that.
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 February 16, 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%.