[CORRECTION: An earlier version of this story incorrectly overlooked the TSB 2 year special of 5.80% which is the current market leader.]
Kiwibank has lifted one of its short term fixed mortgage rates in reaction to rising wholesale rates.
The new rate will see the six-month mortgages moving up to 5.70% from 5.55%.
In addition it is offering a 'slice and dice' special where up to 60% of a fixed loan can be at a unique rate of 5.85% which is a current market low.
The balance is on their floating rate, which is currently 6.15%. This element is at a high chance of another rise, probably to 6.40% after the next OCR review on June 12.
That 40% can by on a revolving credit arrangement but not part of their Offset plan.
The bank acknowledges that this won't suit everyone, but it will open up some interesting negotiation possibilities.
Kiwibank want the 40% to be on a floating rate for as long as the fixed rate special applies (ie 2 years), but depending on the deal, there may be budge room.
All of the other Kiwibank rates remain the same as below:
Variable = 6.15%+
Offset mortgage = 5.95%
Revolving credit = 6.15%
6 month fixed = 5.70%
1 year fixed = 5.85%
2 year fixed = 6.19%
3 year fixed = 6.29%
4 year fixed = 6.99%
5 year fixed = 7.20%
+ For all Bridging loans, the interest rate will be 1% above Kiwibank’s variable interest rate.
The lowest current 2 year rate is from TSB who have a 'special' at 5.80%.
See all banks' carded, or advertised, home loan rates here.
| below 80% LVR | 1 yr | 18 mths | 2 yrs | 3 yrs | 5 yrs |
 |
5.95% | 6.19% | 5.99% | 6.55% | 7.40% |
 |
5.95% | 5.99% | 5.89% | 6.25% | 7.40% |
 |
5.85% | 5.99% | 5.95% | 6.25% | 7.40% |
| Kiwibank | 5.85% | 5.85%* | 6.29% | 7.20% | |
 |
5.95% | 6.14% | 6.19% | 6.25% | 7.40% |
| Co-op Bank | 5.85% | 5.85% | 5.99% | 6.25% | 6.99% |
 |
5.59% | 5.99% | 5.99% | 6.99% | |
 |
5.60% | 5.85% | 5.99% | 6.25% | 6.79% |
| TSB | 5.70% | 5.85% | 5.80% | 6.25% | 7.40% |
* only as part of their 60/40 'special' deal. Otherwise 6.19%.
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