As expected, more banks are raising mortgage rates, the latest being the Co-operative Bank.
They follow both ASB and BNZ who made changes last week.
These changes are at the longer duration end and follow sharp rises in wholesale rates recently.
The Co-operative Bank has raised its three year fixed rate by +20 bps to 4.79%.
It has raised its four year fixed rate by +10 bps to 4.99%.
And it has raised its five year fixed rate by +20 bps to 5.19%.
This will undoubtedly not be the last rate rises we will see.
The Co-operative Bank's rates for these terms now stand as the highest in the market apart from those offered by the ANZ.
See all banks' carded, or advertised, home loan rates here.
A snapshot from the key retail banks is:
| below 80% LVR | 6 mths | 1 yr | 18 mths | 2 yrs | 3 yrs | 5 yrs |
| % | % | % | % | % | % | |
 |
4.99 | 4.25 | 4.89 | 4.29 | 4.99 | 5.30 |
 |
4.75 | 4.29 | 4.29 | 4.34 | 4.59 | 5.09 |
 |
4.99 | 4.29 | 4.99 | 4.39 | 4.59 | 5.15 |
 |
4.75 | 4.29 | 4.29 | 4.39 | 4.99 | |
 |
5.15 | 4.25 | 4.95 | 4.29 | 4.49 | 4.89 |
 |
4.65 | 4.39 | 4.45 | 4.45 | 4.79 |
5.19 |
 |
4.85 | 4.19 | 4.19 | 4.19 | 4.49 | 4.99 |
 |
4.50 | 4.25 | 4.29 | 4.29 | 4.35 | 4.99 |
 |
4.75 | 4.25 | 4.35 | 4.19 | 4.59 | 4.99 |
In addition to the above table, BNZ has a fixed seven year rate of 5.55%, while TSB Bank offers a fixed ten year rate at 5.75%.
As well as rises for mortgage rates, the Co-operative Bank has also changed some term deposit rates.
It's new 1 year special becomes 3.50% which is +25 bps higher than their previous standard rate.
It has reduced its 18 month rate by -5 bps to 3.55%.
It has raised its 2 year term deposit rate to 3.60%, a +30 bps rise.
It has also added +30 bps to its 3 year term deposit offer which is now at 3.65%.
And it has increased its four year offer by the same amount, raising it to 3.75%.
Use our deposit calculator to figure exactly how much benefit each option is worth; you can assess the value of more or less frequent interest payment terms, and the PIE products, comparing two situations side by side.
All carded, or advertised, term deposit rates for all institutions for terms less than one year are here, and for terms one-to-five years are here.
The latest headline rate offers are in this table.
| for a $25,000 deposit | Rating | 3/4 mths | 5/6 mths | 8/9 mths | 1 yr | 18 mths | 2 yrs | 3 yrs |
|
AA- | 3.00 | 3.35 | 3.50 | 3.55 | 3.45 | 3.35 | 3.40 |
|
AA- | 3.00 | 3.20 | 3.25 | 3.20 | 3.50 | 3.25 | 3.35 |
|
AA- | 3.00 | 3.50 | 3.60 | 3.25 | 3.30 | 3.35 | 3.40 |
| Kiwibank | A+ | 3.20 | 3.15 | 3.20 | 3.60 | 3.25 | 3.40 | |
 |
AA- | 3.40 | 3.35 | 3.10 | 3.40* | 3.20 | 3.25 | 3.30 |
|
BBB | 2.95 | 3.60 | 3.30 | 3.50 |
3.55 |
3.60 |
3.65 |
 |
BBB | 3.60 | 3.30 | 3.70 | 3.40 | 3.40 | 3.40 | 3.70 |
| HSBC Premier | AA- | 2.55 | 2.90 | 2.90 | 2.90 | 2.90 | 2.95 | |
 |
A | 2.85 | 3.50 | 3.35 | 3.40 | 3.40 | 3.45 | 3.55 |
 |
BBB | 2.75 | 3.55 | 3.30 | 3.70 | 3.60 | 3.35 | 3.40 |
|
A- | 3.00 | 3.15 | 3.15 | 3.20 | 3.25 | 3.30 | 3.40 |
| UDC | A- | 3.00 | 3.30 | 3.50 | 3.55 | 3.65 | 3.35 | 3.35 |
| Wholesale/swaps | 2.08 |
2.13 | 2.13 |
2.27 |
2.44 |
Our unique term deposit calculator can help quantify what each offer will net you.
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