BNZ raises 2-year mortgage rate back to the same level offered by its Aussie rivals after a 2-week campaign

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That lower rate applied from March 6 and has been withdrawn today (Tuesday).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.

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

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 % % % % % % %
               
4.99 4.35 5.15 4.65 4.99 5.89 6.09
ASB 4.95 4.30 4.39 4.65 4.89 5.39 5.59
5.35 4.39 5.05 4.65 4.99 5.89 6.09
Kiwibank 4.99 4.35   4.49 4.99 5.65 5.69
Westpac 5.25 4.39 5.15 4.65 4.94 5.89 5.59
               
4.80 4.39 4.69 4.69 4.99 5.39 5.59
HSBC 4.85 4.19 4.19 3.95 4.89 5.29 5.59
HSBC 4.99 4.35 4.59 4.64 4.99 5.49 5.55
4.85 4.49 4.65 4.39 4.89 5.55 5.69

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%.