Kiwibank joins rivals, lifts rates

Kiwibank has announced it is changing interest rates on its mortgages, with floating and six month rates going up, while longer term rates are falling.

Its floating rate is up 0.25pc from 5.9 to 6.15pc per annum.

Kiwibank's six-month fixed rate has increased 0.25 per cent from 6.10 per cent to 6.35 per cent.

The two-year rate has been reduced 0.30 per cent from 6.99 per cent per annum to 6.69 per cent, the three-year rate has been reduced 0.06 per cent from 7.25 per cent to 7.19 per cent and the four-year rate reduced 0.10 per cent from 7.55 per cent to 7.45 per cent.

ANZ, Westpac and TSB have all increased their floating mortgage rates and reduced their longer term fixed rates in the wake of similar moves by ASB last week and after the Reserve Bank of New Zealand's Official Cash Rate increase on July 29.

TSB, however, stepped out of line by increasing its floating rate by 30 basis points, which was 5 basis points more than the OCR move.

ANZ increased its floating mortgage rate yesterday by 25 basis points to 6.20 per cent and lifted its 6 month mortgage rate by 25 basis points to 6.35 per cent. It also introduced a 30 month (2 and a half year) special mortgage rate of 6.99 per cent.

It left its one year mortgage rate unchanged at 6.45 per cent, but cut its 18 month rate by 4 basis points to 6.65 per cent. It cut its 2 year rate by 15 basis points to 6.85 per cent and its 3 year rate by 10 basis points to 7.20 per cent.

It left its 4 and 5 year rates unchanged at 7.6 per cent and 7.75 per cent respectively.

Westpac lifted its floating mortgage by 25 basis points to 6.10 per cent and lifted its 6 month rate by 15 basis points to 6.25 per cent.

It cut its 2 year rate by 14 basis points to 6.85 per cent and cut its 18 month by 10 basis points 6.69 per cent.

Westpac cut its 3 year rate by 5 basis points to 7.2 per cent and its 4 year rate by 10 basis points to 7.45 per cent.

TSB lifted its floating rate by 30 basis points to 5.99 per cent to 6.29 per cent and its 6 month by 25 basis points to 6.35 per cent.

It cut its 2 year rate by 10 basis points to 6.85 per cent. It cut its 3 year by 5 basis points to 7.20 per cent and its four year rate by 10 basis points to 7.50 per cent and its 5 year rate by 5 basis points to 7.75 per cent.

INTEREST.CO.NZ