Kiwibank and TSB the latest banks to put up mortgage rates
Kiwibank and TSB have joined other major New Zealand banks in raising mortgage interest rates. The increases, which affect various fixed-term lending options, are attributed to rising wholesale interest rates in global markets.
Why it matters
Rising mortgage rates directly impact household disposable income and housing affordability, signaling broader economic tightening for New Zealand consumers.
Kiwibank and TSB are the latest banks to lift their mortgage rates.
TSB said today that it would be putting up its six-month to three-year year fixed lending terms, effective immediately.
The largest of those increases is for its two-year offering, which jumps 24 basis points (bps) to 5.49% (special) and 6.29% (standard).
Special rates require a minimum 20% deposit.
TSB’s fixed one-year terms will rise by 20bps to 4.99% (special) and 5.79% (standard).
Its six-month fixed special moves from 4.69% to 4.79%, while the standard rate also jumps 10bps to 5.59%.
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