Bank of New Zealand (BNZ) has, reportedly, raised its home loan interest rates in the country, following the recent Official Cash Rate (OCR) hike.
The hike in floating rate for its flagship product, TotalMoney, was 25 base points (bps) to 5.99% from 5.74%, whereas standard floating rate was up by only 20 bps to 6.19% from 5.99%, reported interest.co.nz.
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It also increased the rate of Rapid Repay account by 20 bps to 6.19% and the rate of Mortgage One product by 20 bps to 6.60%.
Additionally, BNZ has raised a number of fixed rates including the six month fixed rate, which is increased by 24 bps to 5.49% from 5.25%, one year fixed rate that has been increased by 20 bps to 5.69% from 5.49%.
BNZ, however, cut its three-year fixed rate by 6 bps to 6.29% from 6.35%, making it the best rate when compared with all other major banks.
In addition to home loan rates and fixed rates, BNZ has raised two key term deposit rates.
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By GlobalData
