Westpac hikes 6-month fixed mortage rate

Westpac is the second major bank to hike home loan rates after last week’s official cash rate (OCR) review – raising its six-month fixed-term and one year capped mortgage rates today.

Westpac’s six-month fixed-term home loan rate is now 26 basis points higher at 5.85% and the one-year capped rate has been lifted 25 basis points to 6.75%.

Reserve Bank governor Alan Bollard left the OCR unchanged at 2..5% last week.

But he gave strong indication hikes were not far off – possibly at the September 15 review – which means banks could be looking to hike long-term rates sooner rather than later.

Kiwibank was the first of the major banks to move, with a 25 basis point hike on the limit of its capped variable mortgage rate – now 6.5% - on Friday.

Westpac’s six-month fixed home loan rate now matches those offered by ASB and BNZ. National Bank and ANZ are lower on 5.99%.

At the moment, 44% of the country’s mortgages are on fixed-term rates.

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Their return on Capital already exceeds 25%
Come on banks
Rip the heart out of NZ

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the great Kiwi .... RIP OFF bought to you by the letters W E S T P A C!!

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Is hike the new word for raise, I thought hike refered to a massive increase.

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Greedy scumbags!!

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Ozzies !!

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Ozzies! Lets get even on Saturday.

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Short-term wholesale rates are up over 0.35% in the past 3 weeks - i.e. they haven't past on their full cost increase and we're complaining ? I expect more

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Wholesale rates only represent a very small component of retail banks lending costs..Go do your homework..

These banks are nothing more than profiteering...Thank goodness Kiwibank & other locally owned banks are chipping away at their business; keeping more profits local...

Isnt it time the government moved its accounts to a local bank. Come on labour. Lets here some noise on this

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Be fair raise the deposit rates too.

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The first of many increases over the next 4-6 months. I anticipate a world of pain for borrowers who are unable to fix or otherwise hedge their rates

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Interesting to see the Peoples Bank Kiwibank gouging of their patriotic supporters first.Now the Bank for most things Government are copying the Peoples Bank Kiwibank,what an indictment,of a captive audience.To think well meaning NZs
seem to be blinded to the need to keep all assets in house.Kiwi Bank dont seem to have the same sense of loyalty.

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