Another main bank confirms rises in variable mortgage rates, hiking the full 0.25%; also raises term deposit rates

ASB has become the second main bank, and third financial institution to raise its floating mortgage rates after the OCR hike yesterday.

It has raised them the full +0.25%.

Their standard variable and Orbit revolving credit rates go to 6.50% from 6.25%.

Their Flexible Finance Facility goes to 7.00% from 6.75%.

And their equity release product, HomePlus, rises to 8.00% from 7.75%.

All of these changes are effective from June 20, 2014 for existing clients and from today for new clients.

ASB has not announced any fixed rate changes at this time, even though wholesale swap rates jumped sharply late yesterday.

However, ASB also increased its term deposit rates for terms from 1 month to one year. We will have separate details of these increases which range from +15 bps to +25 bps.

The Reserve Bank yesterday increased the OCR for the third time this year, to 3.25%. ANZ was the first bank to lift rates after after that policy decision. The Co-operative Bank was the second.

See all banks' carded, or advertised, home loan rates here.

ASB's new floating home loan rates compare with their main rivals this morning as follows:

below 80% LVR	Floating	Revolving
		Credit
	6.49%	6.60%
	6.50%	6.50%
- Total Money	6.24%
- Standard & FlyBuys	6.34%	6.34%
Kiwibank	6.15%	6.15%
	5.99%	6.25%
Co-op Bank	6.45%	6.45%
	6.39%	6.70%
	6.15%	6.15%
TSB	6.29%	6.04%

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