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Kiwibank changes special

Kiwibank has decided to raise rates for its 2 year fixed term loan by 16 basis points.

The bank has made changes to its fixed card rate which will become effective on October 8, the lender said. The bank's one year rate at 4.19 percent will become the special rate as of Monday, product manager Chris Greig said.

At 4.35 percent the 2 year rate is level with ANZ, BNZ and Westpac's special rates according to TMM's rate monitor.

SBS's special, TSB's special, and HSBC Premier lead the market at 4.19 percent as the central bank continues to use up or down language regarding the OCR. 

Kiwibank's change comes as ASB and Sovereign made cuts to their 18 month and 2 year fixed term rates today.