The bank's special offer — which was only available to 'Premier' customers — is no longer available at 1.99%.
HSBC's special home loan rates have risen by 26 basis points to 2.25%, putting them level with ICBC and the Kainga Ora First Home Buyer Special.
The big four banks offer one year rates at 2.29%, while AIA and ASB offer 18 month rates at 2.49%.
Following the changes, Heartland is the only bank with a sub 2% offer.
It comes as economists predict a rise in global interest rates, amid expectations of high inflation following government support packages to combat Covid-19.
Wholesale rates have edged up across the globe, and swap rates in NZ have risen in recent months.
Forecasters increasingly believe mortgages rates have troughed in New Zealand during this cycle, with pressure on banks to stabilise the market amid record house price growth.