{"id":588689,"date":"2026-09-03T07:38:11","date_gmt":"2026-09-03T07:38:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/588689\/"},"modified":"2026-09-03T07:38:11","modified_gmt":"2026-09-03T07:38:11","slug":"all-major-banks-hike-floating-mortgage-rates","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/588689\/","title":{"rendered":"All major banks hike floating mortgage rates"},"content":{"rendered":"

New Zealand’s biggest banks have increased their floating home loan rates after the OCR was hiked by 25 basis points to 2.75%<\/a> yesterday. <\/p>\n

With inflation hitting 4.1% in the June quarter, the Reserve Bank’s increase was widely expected<\/a> by economists. There was the possibility of more increases, while inflation was forecast to reach the 1% to 3% target band by mid-2027 and the 2% target midpoint later next year.<\/p>\n

Economic recovery was expected to strengthen and broaden following a period of “lacklustre” growth. <\/p>\n

All five of New Zealand’s major banks lifted their variable rates by 25 basis points \u2013 in line with the OCR. None made announcements about fixed rates. <\/p>\n

New Zealand’s biggest bank, ANZ, was the first, lifting its floating and flexible home loan rates<\/a> to 6.29% and 6.40% respectively. These changes will come into effect for new loans on September 9 and for existing loans on September 23. <\/p>\n

ANZ NZ managing director for personal banking Grant Knuckey said the “vast majority” of the bank’s home lending was on fixed rates \u2013 around 92%. <\/p>\n

\u201cFixed home loans are influenced more by wholesale rates and expectations of where the OCR is heading next,\u201d he said. <\/p>\n

Its serious saver premium interest rate will also increase by 25 basis points.<\/p>\n

BNZ increased its variable rates to between 6.34% and 6.44%. The changes would take effect on September 17 for both new and existing customers. <\/p>\n

ASB hiked its variable home loans to 6.29% and 6.39%. These would come into place on September 9 for new customers and from September 10 for existing customers.\u00a0<\/p>\n

\"\"<\/p>\n

(Source: 1News)<\/p>\n

It also increased some of its savings rates by 25 and 10 basis points to 2.05%. <\/p>\n

“Recent data shows most of our customers are managing well, with 45% of our home lending book ahead on repayments by a month or more,” ASB executive general manager personal banking Adam Boyd said. <\/p>\n

“However, we recognise not everyone is in the same position. <\/p>\n

“Our teams are ready to support customers who may need extra help and can work with them to explore options that suit their circumstances. Reaching out early gives us the best opportunity to find a solution together.” <\/p>\n

Westpac lifted its variable interest rates to 6.39% and 6.49%. It also lifted some savings rates to 1.75%, 1.70%, and 0.45%. The changes would come into effect on September 7. <\/p>\n

Westpac NZ managing director of product, sustainability and marketing, Sarah Hearn, said the bank had data that suggested mortgagees “remain well-placed to manage further rate rises<\/a>“.<\/p>\n

\u201cMost of our home loan customers are on fixed rates, and there are no changes for them today. We continue to offer highly competitive fixed rates, including the lowest among the five largest banks for 3- to 5-year terms.<\/p>\n

\u201cHowever, we recognise some customers will be worried about rising rates. We\u2019re here to help borrowers and savers manage their money through an increasing OCR cycle, and we encourage them to contact us if they need any help or advice.\u201d<\/p>\n

Kiwibank increased its variable rates to 6.25% and 6.30% \u2013 effective from September 7 for new lending and September 21 for existing lending. It also lifted some of its deposit rates by 15 basis points. <\/p>\n","protected":false},"excerpt":{"rendered":"New Zealand’s biggest banks have increased their floating home loan rates after the OCR was hiked by 25…\n","protected":false},"author":2,"featured_media":588690,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[138,219,687,111,139,69,244,814],"class_list":["post-588689","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-economy","tag-housing-and-infrastructure","tag-new-zealand","tag-newzealand","tag-nz","tag-personal-finance","tag-property"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/588689","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=588689"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/588689\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/588690"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=588689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=588689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=588689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}