Banks lift floating mortgage rates

Three of the main trading banks lifted their floating mortgage lending rates today in response to the Reserve Bank's lift in the cash rate yesterday.

ANZ, National and Westpac lifted their rates, in line with the Reserve Bank's quarter point rise, to 9.8 per cent.

That's the highest level floating rates have been at since the Labour Party came to power in 1999.

Kiwibank said it was inevitable it would have to raise its variable rate, currently on 9.0 per cent, while ASB said it was keeping its rate on hold at 9.55 per cent for the meantime.

- NZPA