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.

Read More - Opens in a new window
Commenting is closed

Property News

Covid be damned – the market is booming

Those who were anticipating a Covid-prompted housing market collapse got it wrong with the latest REINZ data revealing strong growth in prices and sales.

House Prices

High demand keeps pushing prices up

Treasury might be expecting house prices to fall - but market data suggests otherwise, with Trade Me Property’s August data the latest to show rising prices and high demand.


Augusta Capital takeover bid now unconditional

ASX-listed Centuria Capital has declared that its takeover of New Zealand property funds manager Augusta Capital is now unconditional, as it has secured nearly 66% of Augusta’s shares.

Site by PHP Developer