BNZ raises mortgage rates for all terms 2 years to 7 years, following market trends higher. Rate curve steepens

(Updated with new 3 year Classic rate.)

BNZ has become the latest bank to raise longer term mortgage rates.

This morning it raised its three year rate to 6.09%, up 19 bps from 5.90%.

Its four year fixed rate goes up to 6.30% from 6.15%.

Its five year rate rises to 6.60%, up 25 bps from 6.35%.

BNZ is the only bank to have a carded seven year rate and this one has gone up too - it is now 7.09%, up 10 bps from 6.99%.

A new three year Classic rate has been introduced at 5.89%, while the two year Classic product has been dropped.

These increases pretty much match the recent hikes by ASB and Westpac.

BNZ last raised these longer term fixed mortgage rates rates on July 2.

Of the majors, only ANZ and Kiwibank have yet to shift their longer rates to these new higher levels.

With the rate curve steepening, markets report that borrower interest in longer term rates is evaporating. The mortgage market share fights are in the short end, mostly around the one and two year terms.

See all advertised mortgage rates here.

	1 yr	2 yrs	3 yrs	4 yrs	5 yrs
	4.95%	5.50%	5.95%	6.15%	6.45%
	5.25%	5.65%	6.05%	6.30%	6.60%
BNZ	5.25%	5.65%	5.89%	6.30%	6.60%
Kiwibank	4.89%	5.45%	5.90%	6.15%	6.45%
	5.19%	5.65%	6.04%	6.30%	6.60%
Co-op Bank	4.94%	5.45%	5.90%	6.10%
HSBC Premier	4.99%	5.50%	5.90%	6.15%	6.40%
SBS / HBS	4.95%	5.25%	5.65%		5.85%
	4.88%	5.45%	5.80%	6.10%	6.30%

--------------------------------------------------------------

Mortgage choices involve making a significant financial decision so it often pays to get professional advice. A Roost mortgage broker can be contacted by following this link »
--------------------------------------------------------------