ANZ, Westpac, National Bank, Kiwibank, BNZ and TSB have all increased their floating mortgage rates and reduced their longer term fixed rates in the wake of similar moves by ASB last week and after the Reserve Bank of New Zealand's Official Cash Rate increase on July 29.
Financial markets reduced longer term wholesale rates on expectations the Reserve Bank's future OCR hikes would be lower and slower than previous expected, which gave banks room to cut their longer term fixed rates.
(Updated with Kiwibank moves early on Tuesday afternoon, BNZ moves late on Tuesday afternoon, National Bank late early on Tuesday evening )
TSB, however, stepped out of line by increasing its floating rate by 30 basis points, which was 5 basis points more than the OCR move. Kiwibank cut its 2 year rate by the most.
ANZ increased its floating mortgage rate by 25 basis points to 6.20% and lifted its 6 month mortgage rate by 25 basis points to 6.35%. It also introduced a 30 month (2 and a half year) special mortgage rate of 6.99%.
It left its one year mortgage rate unchanged at 6.45%, but cut its 18 month rate by 4 basis points to 6.65%. It cut its 2 year rate by 15 basis points to 6.85% and its 3 year rate by 10 basis points to 7.20%. It left its 4 and 5 year rates unchanged at 7.6% and 7.75% respectively.
Westpac lifted its floating mortgage by 25 basis points to 6.10% and lifted its 6 month rate by 15 basis points to 6.25%. It cut its 2 year rate by 14 basis points to 6.85% and cut its 18 month by 10 basis points 6.69%.
Westpac cut its 3 year rate by 5 basis points to 7.2% and its 4 year rate by 10 basis points to 7.45%.
TSB lifted its floating rate by 30 basis points to 5.99% to 6.29% and its 6 month by 25 basis points to 6.35%.
It cut its 2 year rate by 10 basis points to 6.85%. It cut its 3 year by 5 basis points to 7.20% and its four year rate by 10 basis points to 7.50% and its 5 year rate by 5 basis points to 7.75%.
Kiwibank said it lifted its floating rates by 25 basis points from 5.90% to 6.15% p.a.
It raised its 6 month rate by the same amount to 6.35%.
Kiwibank cut its two year mortgage rate by 30 basis points to 6.69% and cut its three-year rate to 7.19% from 7.25%.
It cut its four year rate by 10 basis points to 7.45%.
BNZ lifted its floating mortgage rate by 25 basis points to 6.09% and its 6 month rate by the same amount to 6.30%. It cut its standard 18 month to 4 year mortgage rates by 10 to 14 basis points.
ANZ NZ's National Bank raised its floating rate by 25 basis points to 6.24% and raised its 6 month rate to 25 basis points to 6.10%. It cut its 18 month, 2 year, and 3 year fixed mortgage rates by between 10 and 19 basis points.
See all bank mortgage rates here.
See our interactive chart of average bank mortgage rates here and below
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