Kiwibank hike long term rates
Friday, October 9th 2009, 9:40AM
The past 24 hours has seen a few rate changes, starting with Kiwibank hiking up its long term fixed rates and introduced a new 18-month term of 6.05%. These rate changes are the first since it increased its rates back in mid August. Its changes consisted of raising its two, four and five year rates by 30 basis points making them now 6.69%, 8.25% and 8.60% respectively and increased its three-year rate by 29 points to 7.69%.
TSB Bank increased its one-year fixed rate today by 20 basis points to 5.80%, which makes it rate now in line with SBS Bank and BankDirect and HBS Building Society has raised its four and five-year rates by 30 and 15 basis points respectively.
In the wake of the Reserve Bank of Australia raising its cash rate by 25 basis points to 3.25% on Tuesday it is unlikely to provoke a similar response from the Reserve Bank of New Zealand - at least in the short term. For more on this story click here.
Click here for the update on the Westpac vs Inland Revenue Dept clash.
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