Kiwibank raises 5 year mortgage rate; CBS Canterbury raises long term rates (update 1)
8th Jun 09, 9:35am
Kiwibank raised its five year mortgage rate on Monday morning by 35 basis points to 7.95%. The new rate matches a move over the weekend by TSB and also follows changes by BNZ on Friday afternoon. (Update 1 includes CBS Canterbury increases.) Longer term mortgage rates have been rising over the last couple of weeks as international wholesale rates rise. Last week ASB became the first bank in New Zealand to raise its five year mortgage rate back to 8% this year. Building society CBS Canterbury also announced increases to its long term fixed rates on Monday afternoon by between 20 and 55 bps. It raised its one year rate by 20 bps to 5.99%; two year by 20 bps to 6.60%; three year by 30 bps to 7.25%; and five year by 55 bps to 8.15%. Compare all the latest rates on our mortgage rates page.