Mortgages

BNZ ups floating rate, advises customers to fix loans

Bank of New Zealand today raised its variable home loan rate, and advised customers to fix their interest rates.

Monday, September 20th 2004

BNZ said today in a statement its floating rate has increased from 8.25% to 8.50%.

Andrew Whitechurch, Bank of New Zealand's general manager of business development and strategy, warned more hikes were on the cards.

"We're predicting further official cash rate rises by the Reserve Bank this year, with interest rates potentially getting as high as 9 percent. We advise customers to fix home loans in the current environment and are doing all that we can to hold the popular one and two-year terms as low as possible for customers," Whitechurch said.

BNZ also announced an increase of its six month fixed rate from 7.35% to 7.50%, but its one and two year fixed rates are unchanged.

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Heartland Bank - Online 6.69
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Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
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ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
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AIA - Go Home Loans 6.79
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Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
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BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
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Co-operative Bank - Owner Occ 8.40
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