BNZ, Westpac and Kiwibank complete major bank post OCR rate hikes

BNZ, Westpac and Kiwibank complete major bank post OCR rate hikes

BNZ has become the last of the major banks to announce increases to some mortgage rates in the wake of the Reserve Bank's first Official Cash Rate (OCR) hike in almost three years earlier this month.

(Updates add detail of BNZ and Westpac's hikes).

BNZ lifted its Total Money variable rate by 25 basis points to 5.84%. It also hiked its 18 month Classic rate by 16 basis points to 6.85%.The changes are effective from today, June 22. See all bank mortgage rates here.

State owned Kiwibank is hiking its variable and revolving rates by 25 basis points to 5.9%. It's also lifting its six month rate by 11 basis points to 6.1% and 12 month rate by 10 basis points to 6.45%.

Kiwibank's changes are also effective from Tuesday - June 22 - for new customers with the variable rate effective from July 6 for existing customers. Kiwibank is also launching a capped variable rate option priced at 6.5% for one year.

Westpac is raising its floating rate by 20 basis points, effective today June 22 for new customers and July 12 for existing customers, by 20 basis points to 5.85%. It's also lifting its capped one year rate by 20 basis points to 6.95%. Westpac didn't announce any changes to fixed rates.

BNZ, Westpac and Kiwibank's hikes come after ASB, ANZ and the National Bank lifted some of their rates late last week. See related story. This followed the Reserve Bank's move on June 10 to lift the OCR by 25 basis points to 2.75%, the first hike since July 2007. 

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