The changes are effective immediately, the bank said. <\/p>\n
BNZ has lifted its mortgage interest rates today. Photo \/ Alex Burton\/Portable Images <\/p>\n
Westpac rates also rose today, after the bank announced increases to all but their six-month rate yesterday.<\/p>\n
The one-year and 18-month rate rose 0.10% and 0.16% to 4.59% and 4.85%, and the two- and three-year rates by 0.30% to 5.19% and 5.29% respectively.<\/p>\n
The four-year rate is now 5.39% – up 0.20% – and the five-year rate 5.59%, up 0.30%.<\/p>\n
The six-month rate was unchanged at 4.49%.<\/p>\n
BNZ, along with ANZ and Kiwibank, have the cheapest one-year mortgage interest rate<\/a>, at 4.49%, with ASB and Westpac on 4.59%, according to interest.co.nz<\/p>\n BNZ had been leading the two-year rate, but its new 4.89% rate was now equal with ANZ and Kiwibank. ASB\u2019s two-year rate is 4.95%, ahead of Westpac\u2019s 5.19%.<\/p>\n For three-year terms, Kiwibank\u2019s 5.25% is the most competitive, compared to ANZ and ASB\u2019s 5.19% and BNZ and Westpac\u2019s<\/a> 5.29%, according to interest.co.nz<\/p>\n In the five-year category, Westpac leads the pack at 5.59%, with ASB and BNZ on 5.69%, Kiwibank at 5.79% and ANZ offering 5.99%.<\/p>\n Westpac NZ product, sustainability and marketing managing director Sarah Hearn said yesterday the increase was due to wholesale rates increasing \u201csignificantly in recent weeks\u201d, upping funding costs for lenders.<\/p>\n \u201cWith [the] changes we are absorbing some of those increased costs, and also passing on higher rates to our savings customers, including the best 1-year term deposit rate of the five biggest banks as of Tuesday morning.\u201d<\/p>\n The bank encouraged borrowers and savers<\/a> to get in touch to talk the best options for them, she said.<\/p>\nInterest rates are going up because wholesale rates had ‘increased significantly in recent weeks’, a Westpac leader says. Photo \/ Alex Burton\/Portable Images <\/p>\n