The main change in the interest rate table today is the increases to four and five-year rates made by TSB Bank. It added 25 basis points to its four-year rate to 8.20%, now the highest four-year rate for a minor bank, and 20 points to its five-year rate taking it to 8.50%.
The other change to note is the removal of AXA's rates. AXA hasn't done much in the way of originating home loans for some time. Part of the reason being that the funds it used to raise money to lend have been closed or frozen. Since those closures much of its lending business has been about topping up existing loans.
Today we have a new graph at www.mortgagerates.co.nz. With Westpac making two sets of changes to its rates we have used the bank as an example to see how the yield curve has changed so dramatically over the past nine months - making it clear what the best rates are. Check out the graph here
