Kiwibank, BNZ bump up some mortgage rates

Tuesday 10 August 2004

Kiwibank and Bank of New Zealand today announced they had bumped up some of their mortgage rates to increase the higher cost of borrowing.

By The Landlord

Kiwibank raised its variable and revolving home loan rates by 25 basis points to 7.75 per cent a year.

The change was effective immediately for new customers, while it would apply to existing ones from August 30.

Bank of New Zealand raised its variable rate by 25 basis points to 8.25 per cent, while its six-month and one-year rates rose by the same amount to, respectively, 7.35 per cent and 7.50 per cent.

Its other interest rates remained unchanged.

Both banks said the interest rate increases came after the Reserve Bank of Zealand raised the official cash rate 25 basis points to 6.0 per cent on July 29.

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