Westpac raises 3, 4 and 5 year mortgage rates

Westpac announced it would raise its three, four and five year mortgage rates by between 15 and 20 basis points. The new rates will become effective on the morning of March 20. The announcement follows and matches ASB's move last week in raising long term mortgage rates and also wider commentary that these rates may have bottomed. Westpac's three year rate will be raised by 16 basis points to 6.15%; its four year rate will go up 15 bps to 6.55%; and its 5 year rate will go up 25 bps to 6.75%. To see a full list of rates offered in New Zealand, see our mortgage page here. For Bernard Hickey's 'Brother-in-law's guide to mortgage rates', click here.