BNZ raises most mortgage rates, including its floating rate.
It has raised its Standard and TotalMoney "variable rate" loans by +15 bps to 5.79%. And it has raised its revolving credit Mortgage One product to 6.40%, and its Rapid Repay product to 5.85%, both rises of +15 bps.
On Monday, Kiwibank also raised its floating rates, by +15 bps.
In addition, BNZ has raised all but one of their rates for fixed rate term mortgages by between +6 bps and +30 bps.*
Its Standard six month rate is now 5.25%, a rise of +16 bps.
Its fixed one year 'special' rate is now 4.49%, up +10 bps.
Its eighteen month fixed rate has been raised by +6 bps to 5.05%.
Its two year 'special' is now 4.79%, a +20 bps hike.
Its three year 'special' is now 5.09%, a +30 bps jump.
Its four year Standard rate is up +24 bps to 5.69%
Its five year standard rate is now 5.79%, a +20 bps rise.
And it is the only bank to offer a seven year fixed rate, which it has raised +16 bps to 6.15%
Today's changes don't change who has the leading carded rates for mortgage borrowers. HSBC Premier still leads for a one year term, SBS Bank now has the leading rates for 2 years, and TSB Bank has the market-leading offers for all terms longer.
At the same time, BNZ has raised five term deposit rates; it has added +5 bps to its 9 month TD rate taking it to 3.65%. It has added +10 bps to its 18 month rate taking it to 3.60%. Rises in rates for term commitments of 3, 4 and 5 years were also announced and these involved +30 and +40 bps rises.
A snapshot from the key retail banks is:
|below 80% LVR||1 yr||18 mth||2 yrs||3 yrs||4 yrs||5 yrs|
In addition to the above table, BNZ has a fixed seven year rate which it has raised to 6.15%, a +16 bps rise.
TSB Bank offers a fixed ten year rate at 5.75%.
* = The only BNZ fixed mortgage rate not raised today is their Standard one year rate which remains at 4.89%.