Bank of New Zealand has announced it will increase its 4 and 5 year fixed mortgage rates by 10 and 29 basis points respectively to 6.49% and 6.69% respectively. This brings it into line with similar long term mortgage rate hikes announced in the last week by ASB and Westpac. Our comprehensive mortgage rates table shows that only Kiwibank and ANZ-National have left their 3, 4 and 5 year rates around the 6.4-6.5% mark. Meanwhile, in another sign of a steepening of the mortgage rate curve, ASB cut its 6 month mortgage rate to 5.8%, bringing it into line with the other big banks, but leaving it above BNZ's 'Classic' rate of 5.69%. although the BNZ rate requires a 20% deposit and the purchase of other BNZ insurance and credit card products. See more detail and context in our updated Brother in Law's guide to mortgage rates.
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