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Short term rates continue to drop

New Zealand's biggest lenders continue to cut short term fixed rates despite the growing prospect of a higher official cash rate in 2022.

Tuesday, June 08th 2021

Kiwibank and Westpac are the latest large lenders to cut short term fixed rates and hike longer-term home loans, as the divergence between short and long term markets continues. 

Effective this morning, Kiwibank has slashed its one year special rate by 16 basis points to 2.19%, the state-backed bank's sharpest ever mortgage. 

Kiwibank's one year offering becomes one of the cheapest in the market, level with SBS. Heartland Bank's online one year loan at 1.85% remains the cheapest by some distance.

The lender's one year standard rate falls to 3.04%, a drop of 16 basis points.

However, longer-term rates will go up. Kiwibank's three year special is up 20 basis points to 2.99%, four year fixed is up 30 basis points to 3.39%, while five year fixed terms go up to 3.69%.

The same trend can be seen at Westpac. 

The big four bank has introduced a new 6 month special at 2.99%, and an 18 month at 2.45%, towards the cheaper end of the market.

Yet longer-term special rates rise from 10 to 30 basis points. 

Westpac's three year to five year specials go level with Kiwibank at 2.99%, 3.39%, and 3.69% respectively. 

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Heartland Bank - Online 1.85
HSBC Premier 2.19
HSBC Special 2.25
Kainga Ora - First Home Buyer Special 2.25
ICBC 2.35
SBS Bank Special 2.49
TSB Special 2.55
ANZ Special 2.60
China Construction Bank Special 2.65
The Co-operative Bank - First Home Special 2.65
The Co-operative Bank - Owner Occ 2.85
Heartland Bank - Online 2.35
HSBC Premier 2.45
China Construction Bank Special 2.65
ICBC 2.75
Resimac 2.79
SBS Bank Special 2.89
TSB Special 2.95
Select Home Loans 2.99
Bluestone 2.99
ANZ Special 2.99
Kiwibank Special 3.15
China Construction Bank Special 2.99
HSBC Premier 3.19
Select Home Loans 3.54
Bluestone 3.54
Resimac 3.54
ICBC 3.75
SBS Bank Special 3.79
TSB Special 3.99
BNZ - Classic 3.99
Kiwibank Special 4.19
Kainga Ora 4.22
ANZ Blueprint to Build 1.68
ASB Back My Build 1.79
Heartland Bank - Online 2.25
Resimac 3.39
Bluestone 3.49
Select Home Loans 3.49
ICBC 3.69
Kiwibank Special 3.75
Kiwibank 3.75
Kiwibank - Offset 3.75
The Co-operative Bank - Owner Occ 4.40

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