Kiwibank has launched a capped floating rate option today priced at 6.50% for one year. It has also raised short term rates following the lead of ASB and ANZ National last week. Find out more here.
Also following the trend today is Westpac increasing both its floating home loan products rates and its capped one-year fixed rate by 20 basis points. This now makes its standard variable rate the highest offered by a bank at 6.49%.
BNZ has raised its variable rates across all its products by 25 basis points with its TotalMoney rate of 5.84% now the lowest bank variable rate. BNZ also increased its six-month rates by 20 bps, its 18-month rates went up by 16 bps and its one- and two-year rates rose 14 and 10 points respectively.
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