ASB and its subsidiaries BankDirect, Sovereign and NZ Home Loans have this morning raised fixed mortgage rates by between 10 and 30 basis points. Its one-year, 18-month and two-year rates rose 30 basis points and the three-year rate went up by 10 points.
ASB is now offering the highest rates for these terms for a bank and is the first bank to make changes this year.
Housing New Zealand Corporation increased its one and two-year mortgage rates yesterday following the movements of CBS Canterbury and Credit Union North which also adjusted these rates earlier in the week.
Housing NZ's one and two-year rates both increased by 20 basis points to 6.20% and 7.20% respectively, with both rates remaining below the median for non-bank lenders.
In landlords.co.nz news we look at the pace of residential home-building which continues to pick up, although few new apartments are being built and non-residential construction is down across most sectors.
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