Mortgage rates hike - all the banks now up

The Bank of New Zealand has become the last of the major banks to announce a hike in mortgage rates following the Official Cash Rate lift earlier this month.

The bank announced this morning it had lifted its total money variable rate from 5.59 per cent to 5.84 per cent, while its 18 month classic fixed rate is up 0.16 per cent to 6.95 per cent.

The changes take effect from today.

Westpac last night announced it had lifted its variable home lending interest rate by 0.20 per cent to 5.85 per cent, shortly after Kiwibank said it was lifting variable and revolving rates by 0.25 per cent to 5.90 per cent from today for new customers and July 6 for existing customers.

Westpac's fixed term interest rates remain unchanged.

The banks were widely tipped to begin hiking rates within 24 hours of the Reserve Bank's decision to lift the official cash rate for the first time in almost three years on June 10 by 25 basis points to 2.75 per cent.

To read the full NZ Herald article, click here

Posted: 22 Jun 2010

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