BNZ, Kiwibank join others in hiking floating mortgage rates

Monday 9 February 2004

Kiwibank and Bank of New Zealand today joined other banks in lifting their floating mortgage rates in the wake of the Reserve Bank's quarter percentage point hike in the Official Cash Rate on January 29.

By The Landlord

Kiwibank raised its variable and revolving home loan interest rates for new customers from 6.75 per cent per annum to 6.95 per cent.

The interest rate for existing customers, which had been held at 6.55 per cent, will rise to 6.95 per cent on February 23.

BNZ announced it had increased its variable rate to 7.5 per cent from 7.25 per cent to match Westpac, ANZ and ASB.

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