18 Jun 2010

Two more banks raise home loan rates

8:00 pm on 18 June 2010

Two more of the major banks are raising their variable home loan interest rates.

ANZ's simple variable home loan rate will go up to 5.69% on 2 July. The National Bank will raise its variable home loan rate on the same day to 5.99%.

Both increases add about a quarter of a percentage point to the rates. ASB announced a similar increase on Thursday.

ANZ and the National Bank both say the rises are in response to the rising cost of funding.