Banks pass on cash rate increase

RICHARD MEADOWS
Last updated 12:41 28/07/2014

Relevant offers

Money

Granite tops Consumer's kitchen benchtop testing Invest in yourself in 2017 $36 billion on the card: Canstar reveals Kiwis' massive credit card interest bill Banks behaving badly, and how to fight back Economy expected to grow strongly in 2017 as confidence overcomes quakes The truth about inequality in New Zealand Owner pleased after historic yacht with $1 reserve sells for $480,000 Businessman tied to ACC bribery in 'dire financial position' Rob Stock: You have a secret cash source Karen Scott-Howman: Customers drive banking innovation

The Bank of New Zealand has joined ANZ and ASB in passing on last week's official cash rate increase to mortgage customers.

On Thursday  the Reserve Bank  raised the official cash rate to 3.5 per cent, prompting the usual flurry of price increases from the banks.

ANZ announced higher rates within an hour of the announcement, followed by ASB. BNZ has now followed suit, increasing its standard floating loan rates by the full 25 basis points to 6.74 per cent, the same as ANZ and slightly below ASB's 6.75 per cent.

Westpac has held off on increasing rates for new customers, with its current rate still advertised as 6.24 per cent.

Smaller banks including Kiwibank, Heartland, TSB and The Co-operative Bank are also yet to react to the latest hike, with rates between 6.4 and  6.49 per cent.

Ad Feedback

- The Dominion Post

Special offers

Featured Promotions

Sponsored Content