Mortgage rates up at BNZ

BNZ has raised its six month mortgage rates in a move that takes them above the bank's lowest variable rate.

BNZ raised its Standard and Fly Buys six month mortgage rate by a quarter of a per cent to 5.75 per cent.

It also raised its Global Plus rate to 5.85 per cent.

BNZ currently has its TotalMoney variable rate at 5.59 per cent, giving the bank a 'positive' mortgage rate curve, where variable rates are the lowest on offer and longer term rates are the highest.

Westpac currently has the lowest six month mortgage rate on offer out of the main banks at 5.49 per cent. HSBC is also offering this rate, but conditions apply - such as the loan must be above $500,000.

The other major banks are all offering between 5.7 and 6.0 per cent.

- INTEREST.CO.NZ