SBS Bank has this morning also made rate increases. Its two-year rate rose by 20 bps to 6.55%, its three-year fixed rate went up by 45 bps to 7.45% and its five-year rate was increased by 30 bps to 8.30%.
Westpac is the latest major bank to increase its fixed rates for terms of 18 months or more. Its 18 month rate is up 10 points to 5.99%, and its biggest increase is to four year rates, up 55 basis points to 7.95%, while a five-year term is priced at 8.25%.
Yesterday a number of non-bank lenders increased rates too. General Finance/Cairns Lockie increased its rates of two-years or more as did the Wairarapa Building Society. Both lenders increased their four and five-year rates by 45 and 31 points respectively. General Finance/Cairns Lockie’s two year rate went up by 30 points to 6.65% and its three-year increased by 41 points to 7.50%.
The most unusual move of the day went to the Napier Building Society which cut its floating rate by 50 basis points to 6.00% and are now offering a one-year home loan rate of 6.00% and a two-year option of 6.25%.
To see what the Experts think about rate changes and the markets read: Market getting ahead of itself pricing in rate rises
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