Westpac is increasing a number of its home loan rates.
The bank said it would lift its six-month, one-year, 18-month and two-year rates.
The six-month and one-year rates increase by 30 basis points and the longer rates by 20.
That takes the bank’s two-year special rate to 5.65% and its carded two-year rate, available to those who do not meet the criteria for the special, to 6.25%.
It follows a similar move earlier in the week by ANZ, which raised its special one-year fixed rate 30 basis points to 5.45%. At the start of August ANZ cut that rate to 4.99%.
Interest rates in general are rising from historic lows during the pandemic and there are warnings that they may have to go higher than previously expected, because the economy remains more buoyant than many had forecast, meaning inflation may be tougher for the Reserve Bank to tame.
But some economists say there may still be time for some borrowers to lock in “surprisingly low” rates.
Westpac’s changes take effect on Friday.
— to www.stuff.co.nz