Big and small bank rate changes
Wednesday, July 18th 2012, 6:00AM
Lots of changes today. The big bank move sees BNZ introduce a new, market-leading, advertised four-year mortgage interest rate. While it is a leader, four-year terms are not that popular with borrowers.
This new rate is limited to borrowers who have at least 20% equity in the deal.
Amongst the small banks, the Co-operative Bank is raising its six month, one and two year rates between 5 and 15 points. Its six-month rate rises 10 basis points to 5.55%, its one-year rate increases 15 basis points to 5.40% and its two-year rate lifts 5 basis points to 5.55%.
Meanwhile TSB is increasing its one-year and three-year advertised rates. It loses its number one position with one-year rates, by increasing it 20 points to 5.40%. TSB has lifted its three-year rate by 15 basis points to 5.90%.
| « Liberty strips its home loan rates and cuts fees | OCR staying low for foreseeable future » |
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