BNZ joins other big banks in raising floating mortgage rate

Tuesday 15 June 2004

Bank of New Zealand is the latest bank to bump its floating mortgage rate up, lifting it 25 basis points to 8.0 per cent a year.

By The Landlord

BNZ said the rise would be effective from today and reflected the higher cost of borrowing.

On Thursday last week the Reserve Bank of New Zealand last week raised its official cash rate by 25 basis points to 5.75 per cent and flagged the likelihood of more rises later this year.

As a result, Westpac and ASB Bank raised their floating rates to, respectively, 8.1 per cent and 8.0 per cent.

Kiwibank's website showed its floating rate was 7.2 per cent, compared with National Bank's 7.75 per cent.

It was not immediately clear whether either bank would raise its floating rate.

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