Kiwibank joined the 'March madness' mortgage rate hike rush, while ANZ National joined Westpac today in being the only banks to have lifted two year mortgage rates in the last week. Both banks raised two year rates to 6.25%, with ANZ National lifting its rate by 30 basis points (bps). Kiwibank lifted its long term mortgage rates, with its five year rate up for the second time in a week. Kiwibank lifted its three year rate 51 bps to 6.50%; raised its four year rate 66 bps to 7.15%; and hiked its five year rate 76 bps to 7.25%, matching moves by other banks yesterday. See all of the new rates here. See our piece on yesterday's moves here. As well as lifting its two year rate, ANZ National put up its three year rate by 60 bps to 6.75%; its four year rate by 60 bps to 7.15%; and its five year rate by 75 bps to 7.50%, the highest offered by a major bank. For more on fixed and variable mortgages, see Bernard Hickey's Brother in law's guide to mortgage rates. SBS is currently offering the lowest five year mortgage rate out of the banks, with an offer of 6.69%.
Also today there was some better news for savers, with Raboplus lifting its term deposit rates. Its five year deposit rate is now 6.50%, up 110 bps. For other term deposit rates see here (less than one year) and here (one year and above).
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