BNZ has increased most of its fixed term rates on both its Standard, Fly Buys and Global Plus Home Loan options. Its one-year rates have gone up 20 basis points along with a 25 point increase to both its two-year and four-year rates. Its three-year rate has risen 24 basis points and its 18-month and five-year rates were increased by 40 and 49 basis points respectively. BNZ also made a 26 basis point reduction to its TotalMoney variable rate and have introduced a new 18-month rate of 5.99% to its Classic Home Loan product.
AXA and TSB Bank have made changes to their home loan rates late last week. As with the trend in recent weeks, TSB has increased its three and four-year fixed rates by 15 basis points and added 35 points to its five-year rate. TSB also cut 14 points from its six-month to 5.50%.
AXA has made some huge changes to its long term rates starting with a 130 basis point increase to its five-year rate followed by a 105 point increase to its four-year fixed rate. Its three-year rate went up by 85 basis points and its two-year and 18 month rates were increased by 35 and three points respectively. AXA dropped both its six-month and one-year rates to 5.50% which was a 45 and 30 point cut respectively.
AMP Home Loans has made a five basis point increase to both its three and four-year rates for both its standard and priority products as well as increasing its five-year rate by 25 basis points to both products.
Kiwibank has now also increased its five-year fixed home loan rate by 35 basis points to 7.95%.
Our latest stories on Good Returns look at how economists are divided on the next move for interest rates with this weeks OCR announcement by the RBNZ and we also look into TSB and HSBC's profit and mortgage book for the March quarter.
