Higher home loan rates across the board from TSB Bank, including the first change to their unique ten year rate in seventeen months

TSB Bank has raised most fixed home loan interest rates across the board today.

These changes involve rates from six months fixed to ten years fixed, but excludes their 18 month and two year rates.

And this change does not include their floating rates.

Nor did they change any term deposit rates; the last change to those was on March 8, 2017.

Today’s mortgage rate change is TSB Bank’s first since February 14, 2017.

Today’s change sees their 6 month rate rise +10 bps to 4.85%.

Their one year rate also rises +10 bps to 4.55%, and a similar increase has been applied to their three year rate which is now 5.15%.

Their four year rate is is +20 bps to 5.65%.

And their five year rate is up +29 bps to 5.79%.

This rate rise round also includes an increase for their ten year rate, up +24 bps to 5.99%. This is the first change to their unique ten year fixed rate since October 16, 2015.

Wholesale rates have changed little since the last round of TSB Bank fixed mortgage rates on February 14, 2017. In fact they are basically unchanged for terms of one, two and three years, are up +6 bps for four years, and up +10 bps for five years. But more importantly for a bank like TSB Bank, retail deposit rates have been creeping higher for the shorter terms and these have a much more important impact on them.

Today’s changes do not alter who has the leading carded rates for mortgage borrowers. HSBC Premier has the market leading position for all terms at this time except for six months where the Co-operative Bank has a 4.80% rate, and 5 years where Westpac’s ‘special’ is lower. Other than HSBC Premier, ANZ now has the lowest rate for one year, four banks are on 4.75% for an 18 month rate, TSB Bank and SBS Bank have 4.75% for two years, ASB, BNZ and Westpac all have 5.09% for three years, and ASB has 5.49% for four years.

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

A snapshot from the key retail banks is:

below 80% LVR 6 mths  1 yr  18 mth  2 yrs   3 yrs  4 yrs  5 yrs 
  % % % % % % %
4.99 4.39 5.05 4.79 5.49 5.70 5.85
ASB 4.95 4.59 4.75 4.79 5.09 5.49 5.69
5.35 4.59 5.05 4.79 5.09 5.89 6.09
Kiwibank 4.99 4.59   4.79 5.25 5.75 5.99
Westpac 5.25 4.59 5.05 4.79 5.09 5.69 5.49
               
4.80 4.59 4.75 4.85 5.25 5.65 5.85
HSBC 4.85 4.19 3.99 4.39 4.89 5.29 5.59
HSBC 4.99 4.45 4.75 4.75 5.25 5.65 5.85
4.85 4.55 4.75 4.75 5.15 5.65 5.79

In addition to the above table, BNZ has a fixed seven year rate which is 6.15%.

And TSB Bank now has a ten year fixed rate of 5.99% which was raised +24 bps from 5.75% today.