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More major NZ banks hike fixed mortgage rates

Three major retail banks have increased their fixed home loan rates.

House keys (file picture). Source: istock.com

ANZ, BNZ, and Westpac have joined ASB in raising mortgage interest rates across the board.

The increases, which apply to new loans, are between 0.1 and nearly 0.5 percentage points.

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NZ’s second largest mortgage lender, ASB, made the surprising decision to lift its interest and term deposit rates across the board. Source: 1 NEWS

The market average for the most popular loans - one and two-year fixed - are now 2.5 and 2.95 per cent respectively.

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Major NZ bank raises mortgage rates, one-year term deposits

Kiwibank has yet to move its lending rates, and floating rates are also unchanged.

Wholesale interest rates have been rising in recent weeks, and the Reserve Bank is now expected to start raising its cash rate soon.

The banks have also raised some of their term deposit rates.