BNZ announced hikes to some home loan interest rate terms this morning. <\/p>\n
The latest rises come a day after Kiwibank lifted<\/a> its one, three, four and five-year fixed mortgage interest rates, with the longest term nudging 6%.<\/p>\n The state-owned bank also increased rates by 0.10%, with the one-year rate moving to 4.59%, the three-year to 5.35%, the four-year to 5.79% and the five-year to 5.89%.<\/p>\n Kiwibank\u2019s six-month and two-year terms were unchanged at 4.49% and 4.89% respectively.<\/p>\n BNZ and Kiwibank\u2019s 4.89 two-year rate is the most competitive of the big five banks, ahead of ANZ and ASB\u2019s 5.09% and Westpac\u2019s 5.19%, according to interest.co.nz<\/p>\n Before this morning\u2019s increases, BNZ had the cheapest one-year home loan rate, at 4.49%.<\/p>\n Its new 4.59% rate now meant all five main banks were offering the same interest rate for one-year terms.<\/p>\n The most competitive 18-month rate is ASB\u2019s 4.75%, just ahead of BNZ\u2019s new 4.79% rate.<\/p>\n Westpac is at 4.85% and ANZ 4.89%, with Kiwibank not offering an 18-month term, according to interest.co.nz.<\/p>\n BNZ and Westpac\u2019s 5.29% leads the pack for three-year terms, with rivals ANZ and ASB on 5.39% and Kiwibank a smidge lower at 5.35%.<\/p>\n Westpac has the cheapest four-year rate \u2013 5.39% \u2013 but BNZ\u2019s new 5.59% rate is still half a per cent lower than ANZ\u2019s 6.09%. ASB and Kiwibank four-year terms are set at 5.55% and 5.79% respectively.<\/p>\n Five-year fixed-term interest rates range from Westpac\u2019s 5.59% to ANZ\u2019s 6.19%, with ASB, BNZ and Kiwibank on 5.69%, 5.79% and 5.89% respectively.<\/p>\n Westpac\u2019s leading long-term offer was among rates across its one to five-year home loan terms that went up eight days ago.<\/p>\n The increase was because of wholesale rates increasing \u201csignificantly in recent weeks\u201d, upping funding costs for lenders, Westpac NZ product, sustainability and marketing managing director Sarah Hearn said at the time.<\/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 one-year term deposit rate of the five biggest banks as of Tuesday morning.\u201d<\/p>\nKiwibank is one of three banks to increase some of its mortgage interest rates in the last eight days. <\/p>\n
Interest rates are rising as the Middle East conflict causes global uncertainty. Photo \/ DepositPhotos<\/p>\n
Reserve Bank Governor Anna Breman spoke about the Iran war impacts on New Zealand’s economy – including the potential for future inflation – when she appeared before an audience in Auckland yesterday. Photo \/ Dean Purcell<\/p>\n