Kiwibank and National raise floating rates
Wednesday, August 11th 2010, 7:23AM
Today sees the last of the main retail banks, BNZ, follow the trend in home loan rate changes. Its floating and six-month rates have risen the same as all other banks so far - by 25 bps and its long-term rates (18-months through to four-years) all were cut by between 10 and 20 points.
SBS Bank also made similar changes today.
Kiwibank has made changes to its home loan interest rates. Its variable and revolving (floating) rates have increased 0.25% from 5.90% to 6.15%.
The six-month fixed rate has also increased 0.25% from 6.10% to 6.35%. The two-year rate has been reduced 0.30% from 6.99% to 6.69%; the three-year rate has been reduced 0.06% from 7.25% to 7.19% and the four-year rate reduced 0.10% from 7.55% to 7.45%.
National Bank have also followed suite with raising its floating and six-month rates by 25 bps and dropping its 18-months, two and three-year rates by 19, 14 and 10 points respectively.
To see what economists think borrowers should do, as this trend of floating rates increasing and fixed rates falling continues, click here.
We also look at why economists are now predicting a pause in the Official Cash Rate (OCR).
| « ANZ and Westpac change rates | Yep, it's the two-year market for SBS » |
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