Mortgages

More pain for 'credit boomers'

Rate rises on personal loans follow mortgage hikes, reports Rob Stock.

Tuesday, October 19th 2004

Personal loans are beginning to go the same way as your mortgage.

The big Aussie-owned banks are starting to lift interest rates on personal loans which, unlike mortgage rates, rarely move in line with rate hikes by the Reserve Bank.

From November 1, National Bank is raising interest rates on its credit cards, and that will hit customers in the pocket. The BNZ is also changing charges for its Activator card. And the ASB has increased its interest rates for personal loans.

The emerging pattern of rising costs for the "credit boomers" - a generation grown used to easy finance - breaks many years of stable rates, according to rates watcher David Chaston of www.interest.co.nz.

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Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
TSB Special 6.75
Westpac Special 6.75
China Construction Bank 6.75
ASB Bank 6.75
ICBC 6.75
AIA - Go Home Loans 6.75
Kiwibank Special 6.79
Co-operative Bank - Owner Occ 6.79
ANZ Special 6.79
ASB Bank 6.39
Westpac Special 6.39
AIA - Go Home Loans 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 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
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

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