BNZ has increased its mortgage rates today, leaving Westpac
the last major bank to make a move in the wake of the
official cash rate rise.
According to interest.co.nz BNZ is to lift it TotalMoney
floating rate from 5.74 per cent to 5.99 per cent and its
standard floating rate from 5.99 per cent to 6.19 per cent.
The Reserve Bank increased the official cash rate last
Thursday from 2.5 per cent to 2.75 per cent - the first
increase in years.
ANZ was the first to respond, announcing it would lift its
rates on floating and flexible home loans by 25 basis points
on the same day as the cash rate hike.
Its floating rate was lifted to 5.99 per cent and its
flexible rate to 6.1 per cent.
Kiwibank and ASB followed last Friday.
Kiwibank increased its variable and revolving credit home
loan rates from 5.65 per cent to 5.90 per cent and its offset
mortgage rate from 5.25 per cent to 5.60 per cent.
While ASB increased its variable, orbit and orbit fast track
rates from 5.75 per cent to 6 per cent.
Westpac has yet to make any announcement on changing its
- By Tamsyn Parker of the New Zealand Herald