Major rate hikes at big four banks

ASB has hiked mortgage rates by up to 30 basis points this morning, a significant move likely to trigger further market increases. ANZ has also raised pricing on a range of fixed terms.

ASB's hikes to standard fixed rates are some of the largest seen in recent months. 

The bank's six-month fixed term goes from 3.29% to 3.55%. One year rates increase from 2.55% to 2.85%, 18 month rates increase from 2.79% to 3.09%, and two year rates increase from 2.95% to 3.25%. 

The increases come amid growing expectations that the Reserve Bank will push ahead with its official cash rate raise next month, despite Auckland remaining in level four lockdown restrictions. 

At 3.25% on a two year term, ASB is 30 basis points more expensive than the cheapest big four bank, BNZ.

ANZ has also raised mortgage rates this morning, albeit making smaller increases than its rival. 

Its standard fixed rates, for customers with less than a 20% deposit, increase by five to 15 basis points across one year to three year terms. 

ANZ special rates, for customers with a deposit of at least 20%, rise by five to 15 basis points across one to three years.

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