This latest round of rate hikes, brought on by the markets perception that the RBNZ will have to raise the official cash rate sooner than the expected 'latter part of 2010', has been relatively major bank based, now we are starting to see the minor banks take their turn.
Yesterday we advised of SBS Banks rates rises and now HSBC Premier has raised its fixed rates and like BNZ has left its six-month rates unchanged. Its changes are relatively major with its one-year rate going up by 30 basis points, its two-year rate rose by 49 points and its three, four and five-year rates went up by 34, 35 and 30 points respectively.
TSB Bank has nudged up its one-year rate by 10 points today to 5.90% and its four-year rate by 15 points to 8.35%. TSB's one-year rate is still just below the median rate for this term.
Kiwibank however has raised its six-month rate by 30 basis points to 5.75%. The remainder of its fixed term rates rose within the range of 10 and 36 basis points. Kiwibank last made changes to its six-month rate back in May.
Amongst all these rate hikes, Kiwibank has cut its Revolving Credit rate by 14 points to 5.65%, which is now the lowest RC rate on our table.
PSIS increased its two-year rate by 20 basis points to 6.75%.
| « BNZ's turn to raise its rates | Yep, it's the two-year market for SBS » |
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