Competition moves to six months rates
The key changes, from Westpac and Kiwibank, came into effect yesterday.
Westpac has shifted its attention from the 90 day, or three-month rate, to six months. Its 90 day rate has reverted to standard pricing and is now set at 7.00%.
Its new six-month rate is 8.40% which was equal best among main banks and Kiwibank.
However, Kiwibank has adjusted its five and six month rates for sums of more than $10,000. Its new five-month rate is 8.00% and its six-month rate is 8.60%.
The other biggish player to move rates last week was SBS which introduced a number of specials, namely a rate of 8.50% for terms of three to six months and 8.75% for 12- 24 months, with interest at maturity.
Also during the week Broadlands lodged a new prospectus and offered the following rates. For short-terms (six and nine months) it is paying 9.25%, one year to 18 months is 10.15% and 11% for terms out to 36 months. Special rates apply for amounts of more than $50,000.
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