BNZ third bank to increase floating mortgage rates post latest OCR hike, also lifts 9 month deposit rate by 25 basis points

BNZ is the third bank to lift floating mortgage rates following last week's increase to the Official Cash Rate.

BNZ has passed the full 25 basis points increase on to customers, as ANZ and ASB did last week, after the Reserve Bank lifted the OCR by 25 basis points to 3.50% last Thursday morning.

BNZ has increased its standard, Fly Buys and GlobalPlus loan rates to 6.74%. Its TotalMoney floating rate is now also 6.74%. And the bank's Mortgage One and Rapid Repay revolving rates are now 7.15% and 6.74%, respectively. The increases are effective from today.

ANZ's floating mortgage rate is now also 6.74%, and ASB's 6.75%. Other banks' floating rates are currently still as low as 6.24%, which is Westpac's advertised rate. However, borrowers have been flocking to fix mortgages in recent months, and advertised three-year fixed-term rates are now lower than some floating rates.

Meanwhile, BNZ has also today introduced a nine month term deposit rate special of 4.45% for a minimum $5,000 deposit with interest paid at maturity. This is a 25 basis points increase on its previous nine month rate, and matches ASB's nine month rate, currently the best advertised nine month rate from a bank, which was introduced last week, was a 30 basis points increase, and which pays interest monthly.

ASB last week also increased its 12 month term deposit rate by 15 basis points to 4.50%, and ANZ introduced a eight month "special" of 4.40%, which was a 20 basis points increase.

BNZ also increased interest rates on some other savings products, but only by 15 basis points with the increases not taking effect until August 11. These include lifting the Total Money savings account rate, for savers with at least $100,000, to 3.25%, its personal on-call rate to 3.25%, its cash pie rate for those with a minimum of $1,000 to 3.70%, its business first on-call and farm first call rates to 3.25%.

Meanwhile, BNZ's HomeAdvantage credit card rate was also hiked 25 basis points to 6.74% effective from August 11.

See all carded, or advertised, bank home loan rates here.

You can also see all bank non-interest rate home loan incentives here.

See all carded, or advertised, term deposit rates for one to nine months here, and see all carded, or advertised, term deposit rates for one to five years here.

BNZ's new floating home loan rates compare with their main rivals this morning as follows:

below 80% LVR	Floating	Revolving
		Credit
	6.74%	6.85%
	6.75%	6.75%
- Total Money	6.74%
- Standard & FlyBuys	6.74%	6.74%
Kiwibank	6.40%	6.40%
	6.24%	6.50%
Co-op Bank	6.45%	6.45%
	6.59%	6.80%
	6.30%	6.15%
TSB	6.49%	6.49%

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