ASB has lifted a number of fixed-term mortgage rates, including the key one-year rate past 7%.
ASB - one of New Zealand's big Australian-owned banks - lifted its six-month and one-year rates to 7.25%, its 18-month rate to 6.95% and two-year rate to 6.79%.
The rates will be higher for those without 20% equity.
Kiwibank followed by lifting some rates - its six-month rate is now 7.15%, its one-year is 6.89%, while its two-year (6.59%) and five-year (6.29%) rates have also gone up.
ASB is the first of the major banks to push the one-year rate past 7%.
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According to Interest.co.nz, it's the highest one-year rate from a main bank since 2008.
The official cash rate sits at 5.5%, with the next update on July 12.
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