Wednesday's Reserve Bank 50 basis points Official Cash Rate (OCR) hike to 1.50% brought a full rejoinder from the largest home loan lender in the country.
ANZ was the first to move, passing on the full increase to its floating mortgage rates. Not only that, it has raised fixed rates at the same time, as well as term deposit rates.
BNZ was quick behind it, but only for its floating rates. And not for the full OCR change.
Here is the running tally of bank changes to floating rates which we will update as each announcement is received.
|Floating mortgage rates||Prior rate||change||New rate||Existing customers,|
|RBNZ OCR||1.00||+50||1.50||13 April 2022|
|ANZ||5.04||+50||5.54||3 May 2022|
|ASB||4.85||+50||5.35||4 May 2022|
|BNZ||5.15||+40||5.55||4 May 2022|
|Kiwibank||4.50||+50||5.00||2 May 2022|
|Westpac||5.24||+30||5.54||3 May 2022|
|Bank of China||3.95|
|China Construction Bank||5.00|
We will separately report the fixed rate increases which range from +20 bps to +40 bps, and separately again the term deposit rate increases which range from +5 bps to +25 bps.