TSB Bank has raised selected mortgage rates this morning, the first bank to shift rates following yesterday's OCR review.
The new TSB 18 month fixed home loan rate is now 5.85%, up 20 bps from 5.65%.
This positions TSB at the same level as most major banks for this fixed term, although a recent Westpac change has broken ranks.
The new TSB two year fixed rate is now 5.99%, up 4 bps from 5.95%.
This positions TSB below the four big Aussie banks, but not as competitive as Kiwibank, Co-op, or SBS at this time.
Yesterday's OCR non-decision halted the up-trend in swap rates and these was a downshift correction in the past 24 hours across all terms. How long this will last is unsure, and the adjustment down is relatively small in the perspective of the trend from pre-Christmas.
Markets accept that there are major OCR rate hikes coming in 2014. You can see Bernard Hickey's analysis here.
See all carded, or advertised, bank home loan rates here.
| below 80% LVR | 1 yr | 18 mths | 2 yrs | 3 yrs | 5 yrs |
 |
5.49% | 5.85% | 6.29% | 6.65% | 7.20% |
 |
5.49% | 5.85% | 6.29% | 6.60% | 7.20% |
| BNZ | 5.39% | 5.85% | 6.29% | 6.39% | 7.20% |
| Kiwibank | 5.45% | 5.95% | 6.40% | 6.90% | |
 |
5.39% | 5.69% | 6.29% | 6.65% | 7.20% |
| Co-op Bank | 5.29% | 5.85% | 6.25% | ||
 |
5.39% | 6.29% | 6.55% | 7.20% | |
| SBS / HBS | 5.35% | 5.60% | 5.80% | 6.10% | 6.70% |
| TSB | 5.30% | 5.85% | 5.99% | 6.40% | 7.20% |
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Mortgage choices involve making a significant financial decision so it often pays to get professional advice. A Roost mortgage broker can be contacted by following this link »
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