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Heritage Bank and Teachers Mutual adjust mortgage interest rates
More banks and lenders are adjusting their home loan interest rates, with rate rises and falls coming into effect this week.
Heritage Bank decreased the interest rates on some of its fixed investment home loans from 6 November 2018.
Interest rates on Heritage Bank’s 2, 3 and 5 year fixed investment principal and interest loans, as well as on its 1 and 2 year fixed investment interest only loans, decreased by 10 basis points.
Also, the interest rate on Heritage Bank’s 1 year fixed investment principal and interest home loan decreased by 20 basis points.
| Home Loan | Old Interest Rate | Old Comparison Rate | New Interest Rate | New Comparison Rate | Change |
|---|---|---|---|---|---|
| Heritage Bank Fixed Rate Investment Loan (Interest Only) 1 Year | 4.39% | 4.39% | 4.29% | 5.74% | -0.1% |
| Heritage Bank Fixed Rate Investment Loan (Interest Only) 2 Year | 4.39% | 4.39% | 4.29% | 5.61% | -0.1% |
| Heritage Bank Fixed Rate Investment Loan (Principal and Interest) 1 Year | 4.19% | 4.19% | 3.99% | 5.71% | -0.2% |
| Heritage Bank Fixed Rate Investment Loan (Principal and Interest) 2 Years | 4.09% | 4.09% | 3.99% | 5.55% | -0.1% |
| Heritage Bank Fixed Rate Investment Loan (Principal and Interest) 3 Years | 4.19% | 4.19% | 4.09% | 5.43% | -0.1% |
| Heritage Bank Fixed Rate Investment Loan (Principal and Interest) 5 Years | 4.99% | 4.99% | 4.89% | 5.52% | -0.1% |
| Heritage Bank Home Advantage Fixed Investment Loan (Interest Only) 1 Year | 4.39% | 4.39% | 4.29% | 4.61% | -0.1% |
| Heritage Bank Home Advantage Fixed Investment Loan (Interest Only) 2 Years | 4.39% | 4.39% | 4.29% | 4.62% | -0.1% |
| Heritage Bank Home Advantage Fixed Investment Loan (Principal and Interest) 1 Year | 4.19% | 4.19% | 3.99% | 4.58% | -0.2% |
| Heritage Bank Home Advantage Fixed Investment Loan (Principal and Interest) 2 Years | 4.09% | 4.09% | 3.99% | 4.56% | -0.1% |
| Heritage Bank Home Advantage Fixed Investment Loan (Principal and Interest) 3 Years | 4.19% | 4.19% | 4.09% | 4.57% | -0.1% |
| Heritage Bank Home Advantage Fixed Investment Loan (Principal and Interest) 5 Years | 4.99% | 4.99% | 4.89% | 4.88% | -0.1% |
The other lender that adjusted its interest rates this week was Teachers Mutual Bank, which increased the interest rates on its 2 and 3-year fixed principal and interest home loans, each by 10 basis points, as of 6 November 2018.
| Home loan | Old interest rate | Old comparison rate | New interest rate | New comparison rate | Change |
|---|---|---|---|---|---|
| Teachers Mutual Bank Fixed Home Loan (Principal and Interest) 2 Years | 3.78% | 4.95% | 3.88% | 4.97% | +0.1% |
| Teachers Mutual Bank Fixed Home Loan (Principal and Interest) 3 Years | 3.88% | 4.87% | 3.98% | 4.89% | +0.1% |
Disclaimer
This article is over two years old, last updated on November 7, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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