Lenders Quick to Follow OCR Increase
Following the recent increase to the Official Cash Rate by Reserve Bank of New Zealand several lenders have already updated their rates accordingly.
Today, ASB and Sovereign increased their variable rate by 0.25% p.a. For existing home loans the variable rate change will become effective on 20th June 2014.
ANZ will also increase their variable rate by 0.25% p.a. on 16th June, 2014.
The Co-operative Bank increased more than just their variable rate. The six month, 18 month, 1 year and 2 year fixed rates are now set at 6.00% p.a.
See the latest rate changes in iLend™.
|
Lender
|
Product
|
Initial Rate
|
+/-
|
|
ANZ
|
Simple Variable
|
6.49%
|
0.25%
|
|
ASB
|
Housing Variable
|
6.50%
|
0.25%
|
|
ASB
|
Orbit
|
6.50%
|
0.25%
|
|
Sovereign Home Loans
|
Go First Standard Variable
|
6.60%
|
0.25%
|
|
Sovereign Home Loans
|
Go Standard Variable
|
6.60%
|
0.25%
|
|
Sovereign Home Loans
|
NewBuild Standard Variable
|
6.60%
|
0.25%
|
|
The Co-operative Bank
|
Fixed 6 Months
|
6%
6.25% if LVR > 80%
6.5% if LVR > 85%
6.75% if LVR > 90%
|
0.20%
|
|
The Co-operative Bank
|
Fixed 1 Year
|
6%
6.25% if LVR > 80%
6.5% if LVR > 85%
6.75% if LVR > 90%
|
0.15%
|
|
The Co-operative Bank
|
Fixed 18 Months
|
6%
6.25% if LVR > 80%
6.5% if LVR > 85%
6.75% if LVR > 90%
|
0.15%
|
|
The Co-operative Bank
|
Fixed 2 Years
|
6%
6.25% if LVR > 80%
6.5% if LVR > 85%
6.75% if LVR > 90%
|
0.15%
|
|
The Co-operative Bank
|
Floating Rate
|
6.45%
6.7% if LVR > 80%
6.95% if LVR > 85%
7.2% if LVR > 90%
|
0.25%
|
|
The Co-operative Bank
|
Fresh Start Fixed 1 Year
|
8.00%
|
0.15%
|
|
The Co-operative Bank
|
Fresh Start Floating Rate
|
8.45%
|
0.25%
|
|
The Co-operative Bank
|
Revolving Credit Facility
|
6.45%
|
0.25%
|
|