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%.