BNZ latest to hike mortgage rates

BNZ has become the latest bank to increase fixed mortgage rates, following moves in the last week by Kiwibank, Westpac, TSB and National Bank.

BNZ raised its one year Standard and Fly Buys mortgage rate by 26 basis points (bps) to 6.25 per cent. It also raised its one year Global Plus mortgage rate to 6.35 per cent.

The latest round of fixed mortgage rate hikes has come on the back of increased expectations for hikes in the Official Cash Rate just before or around the middle of 2010.

Meanwhile, variable mortgage rates have remained on hold, and are likely to do so until around the time the Reserve Bank starts raising the OCR.

- INTEREST.CO.NZ