(Updated following receipt of an email rates advice from BNZ.)
In changes recorded on their website this morning, BNZ has withdrawn its 2 year fighting rate and raised most other fixed mortgage rates.
Their 'Classic' two year rate is now withdrawn.
They have added a new three year Classic rate of 6.25%, matching three other banks including Westpac.
BNZ's six month fixed rate is now 5.89%, up 14 bps from 5.75%.
Their new one year fixed rate is now 5.99%, up 14 bps also, rising from 5.85%.
Their 18 month rate is now 6.25%, up 26 bps from 5.99%.
The new two year rate applies to all products and is 6.39%.
For three years, the new Standard rate is 6.59%, a rise of 34 bps from 6.25%.
For four years, the new rate is 6.79%, a rise of 20 bps from 6.59%.
There is no change to their five year fixed rate which stays at 6.99%.
However, the unique BNZ seven year fixed rate has been reduced to 7.29%, down 16 bps from 7.45%.
None of the new BNZ fixed rates are market leading; other banks have lower rates in just about every category - except for their unique 7 year term.
These BNZ changes follow a range of other banks, both major and smaller ones, who have also shifted fixed rates higher following rises in wholesale money costs, which have been driven largely by offshore changes.
BNZ also made some minor changes to their very short term deposit rates. 30 and 60 day term deposit rates rose +25 bps to 3.25% while their three month td rate went up by the same amount to 3.50%. None of these minor term deposit changes are noteworthy.
These changes come as the RBNZ sends firm signals that it will continue to increase is OCR. Yesterday, the 90 day bank bill rate was 3.58%.
To stay updated with the latest rates, see all banks' carded, or advertised, home loan rates here.
This is how the new BNZ mortgage rates compare as at 8:00am Thursday, June 26, 2014:
| below 80% LVR | 1 yr | 18 mths | 2 yrs | 3 yrs | 5 yrs |
 |
5.95% | 6.19% | 5.85% | 6.55% | 7.40% |
 |
6.09% | 6.30% | 5.85% | 6.65% | 6.99% |
 |
5.99% | 6.25% | 6.39% | 6.25% | 6.99% |
| Kiwibank | 5.85% | 5.85% | 6.29% | 7.20% | |
 |
5.95% | 6.14% | 5.85% | 6.25% | 6.89% |
| Co-op Bank | 6.00% | 6.00% | 6.00% | 6.25% | 6.89% |
 |
5.85% | 5.99% | 6.25% | 6.99% | |
 |
5.85% | 5.99% | 5.99% | 5.95% | 6.79% |
| TSB | 5.70% | 5.85% | 5.80% | 6.50% | 7.20% |
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