Article #976495218
Monday, June 8th 2009, 6:12PM
ANZ and the National Bank have both increased rates for most terms of 18 months or more. The one rate they haven't changed is for a two-year term. The increases are all in the 10 to 15 point range.
Much of the attention has been on ASB for hitting the 8.00% mark with its five-year rate. ANZ has increased its five year rate 14 points to 7.99%, while NBNZ is up 10 points to 7.95%.
Both banks have 18 month rates of 5.89% and they have taken different positions on three and four year rates. ANZ has the higher three year rate, 6.99%, compared to NBNZ's 6.95%, however NBNZ's four year rate is 7.55% compared to ANZ's 7.50% rate.
Kiwibank so far has only increased its five-year fixed home loan rate by 35 basis points to 7.95%.
CBS Canterbury has increased its one and two-year rates by 20 bps, its three-year rate has gone up by 30 bps and its five-year rate up by 55 basis points to 8.15% whicih is now the highest rate in our table. NZF has also made increases to its rates of one or more albeit in smaller lots. Its one and two-year rates went up by 10 points and its four and five-year rates were increased by 15 to 25 points respectively.
Another lender to hit the 8% mark for the five-year term is SBS due to its 15 basis point increase. SBS also added 14 and 10 points to its three and two-year fixed rates respectively and shaved 5 points off its six-month rate to bring it down to 5.50%.
| « | Yep, it's the two-year market for SBS » |
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