BNZ increases mortgage rates

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 rates.

- By Tamsyn Parker of the New Zealand Herald

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