Kiwibank is the first to react to Wednesday's OCR rate hike, raising its floating rate from 6.00% to 6.50%.
At the same time, they raise some savings account rates, with their Notice Saver rates going up +40 bps, the online savings account going up +50 bps to 2.10% (but they dispensed with the 'bonus' on this account).
Kiwibank's move up differs from the July changes in that most banks held off for a day or three.
A raft of floating rate changes will probably follow over the next few days.
Update: ANZ has announced a +50 bps rise in its floating rate too. That takes its Floating home loan interest rate, and its Blueprint to Build rates to 6.84% and 4.08% respectively.
ANZ is raising its Business floating and Business overdraft base rates by +50 bps as well.
At the same time, ANZ raised its Serious Saver product, the total interest rate will increase +50 bps to 2.30% pa.
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, |
| % | bps | % | effective date | |
| RBNZ OCR | 2.50 | +50 | 3.00 | 17 August 2022 |
| ANZ | 6.34 | +50 | 6.84 | 5 September 2022 |
| ASB | 6.35 | +50 | 6.85 | 1 September 2022 |
| BNZ | 6.39 | +40 | 6.79 | 9 September 2022 |
| Kiwibank | 6.00 | +50 | 6.50 | 5 September 2022 |
| Westpac | 6.39 | +46 | 6.85 | 7 September 2022 |
| Cooperative Bank | 6.25 | +40 | 6.65 | |
| Bank of China | 5.45 | |||
| China Construction Bank | 6.50 | |||
| Heartland Bank | 4.60 | |||
| HSBC | 6.34 | |||
| ICBC | 6.00 | |||
| SBS Bank | 6.29 | +50 | 6.79 | 5 September 2022 |
| TSB | 6.25 |
We will separately report the fixed rate increases when some arrive.
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