Non major lenders Heritage Bank and IMB have adjusted their interest and comparison rates.

Heritage Bank decreased its interest rate for both its “Discount Variable – Special Rate” package and “Standard Variable – Special Rate” to 4.39% and 4.69%, respectively. The interest rates were previously at 4.69% and 4.99%. They now fall under the comparison rates of 4.40% and 4.76%, respectively. 

Other home loan comparison rates are as follows:
Loan type New comparison rate Previous comparison rate
1-year fixed 4.78% 5.05%
2-years fixed 4.81% 5.05%
3-years fixed 4.85% 5.07%
5-years fixed 4.92% 5.10%
Discount variable 5.00% 5.04%
Standard variable 5.71% 5.71%
Meanwhile, IMB has also lowered a couple of interest rates for its Platinum Package Variable Home Loans.

Loans amounting to less than 80% of the property value now have 4.66% interest rates from 4.86%. The comparison rate is also down from 5.25% to 5.05%.

Another decrease was placed for loans less than 90% of the property value, with a new interest rate of 4.86% from 5.11%. The comparison rate dips to 5.25% from 5.49%.

However, IMB has its interest rate for loans greater than 90% of the property value from 4.66% to 5.11%. The comparison rate has also increased to 5.49% from 5.05%. 

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan