The Bank of New Zealand (BNZ) has become the latest major bank to bump up its home loan rates.
The bank’s one-year home loan rate increased 7.19 percent to 7.25 percent, for borrowers with at least 20 percent equity.
BNZ’s standard one-year rate lifts from 7.79 percent to 7.85 percent, while its standard rates lift to 7.45 percent for three years and 7.35 percent for the longer terms.
Its one-year fixed home loan rate increases by 14 basis points, to 7.99 percent for a standard rate and 7.39 percent for a special.
Its special three-year rate will increase from 6.69 percent to 6.85 percent and its special four-year and five-year rates to 6.75 percent, up 0.06 percent.
Despite the OCR remaining steady for months, major banks have continued to raise their interest rates.
Last month, most banks raised their rates with many longer-term rates tipping above 7 percent.
At the time, Westpac cited rising wholesale rates, which the bank uses to fund its home leading, for the reason behind the rise.