After a very quiet week we have some news of home loan rate changes. Kiwibank has ended its six-month "special" and the rate increases from 4.85% to 5.25%. At the same time it has made significant cuts to its three, four and five year fixed rates reducing them by 10, 20 and 51 basis points respectively. View all rates here
The five-year rate change puts it up with the leaders. We have sorted the rates table from lowest to highest rates on this term here. What is interesting is that many borrowers are still sitting on floating rates, but there is little difference between, say, Kiwibank's floating rate and its five-year rate.
ANZ has also removed its specials and its one-year rate moves from 5.45% to 5.25%.
We have started a poll on our Facebook page asking what term are your borrowings on. You can take part at www.facebook.com/NZPropertyInvestor
Today we have a new bank. The Reserve Bank has granted a licence to Heartland Building Society.
