SBS raises 6 month, 1 year mortgage rates by 10 bps
August 6th, 2009

SBS Bank raised its six month and one year mortgage rates by 10 basis points on Thursday morning. Its new six month rate is 5.6% and new one year rate is 5.7%. New Zealand one year swap rates rose by 8 bps to 3.13% on Thursday from the day before.

The lowest six month mortgage rate offered by a bank in New Zealand is currently 5.39%, offered by Westpac and HSBC, although the HSBC rate is only for mortgages above NZ$500,000. ANZ is offering a three month rate at 5.35%.

The lowest one year mortgage rate currently is 5.49%, also offered by Westpac, although ASB, ANZ and National Bank are offering 5.5%.