Bucking the recent trend of mortgage rate cuts, BNZ has raised its 18-month "Classic" interest rate by 45 basis points to 5.55%.
The increase reverses more than half of a 79 basis point cut to the rate on May 14, when BNZ dropped it to 5.10% from 5.89% during a spate of mortgage rate cuts by all the banks.
The increase also means BNZ no longer has the lowest advertised bank 18-month rate, with ASB offering 5.40%.
See all advertised bank mortgage rates here.
BNZ's new 5.55% 18-month rate matches its two-year rate.
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