This follows a similar move from ASB
Bank of New Zealand (BNZ) will increase its variable home loan interest rates above 7% in a move similar to ASB, after the Reserve Bank lifted the OCR by 50 basis points to 3.5%.
ASB said its variable rate home loan would lift from 6.85% to 7.35%, and its Orbit revolving credit home loan rate would go up from 6.95% to 7.45%, effective Oct. 18 for new lending and Oct. 25 for existing loans.
Read more: Westpac raises home loan rates
Now, BNZ has announced it will raise its variable rate home loans from 6.79% to 7.29% on Nov. 2, Stuff reported.
Prior to BNZ and ASB, Westpac and ANZ had already lifted their variable home loan rates to over 7%.
Read next: ANZ announces lending rate changes
Adam Boyd, ASB executive general manager for personal banking, encouraged customers who have questions about how the change impacts their home lending to reach out, “so we can talk them through the best options to meet their needs,” Stuff reported.
