ASB has raised and lowered some of its home loan rates, citing "volatile" wholesale interest rates that continued to trend higher.
And Kiwibank has also made changes, meaning all the major banks have adjusted rates over the past week,
ASB's two and three-year fixed home loan rates were increased by 14 and 20 basis points to 5.09% and 5.39%, respectively.
Meanwhile, the six-month rate dropped 10 basis points to 4.49%.
ASB increased its term deposit rates by up to 50 basis points across its 12-month to 5-year terms to "support savers".
The move follows several other major banks, which also hiked rates.
ASB’s executive general manager, personal banking, Adam Boyd, said wholesale interest rates "have remained volatile and continue to trend higher". Wholesale interest rates drive what it costs banks to borrow the money they lend.
"These movements reflect heightened global economic uncertainty and renewed pressures across global markets. For savers, the same environment means stronger returns, and it's worth considering how your money could work harder.
“We understand that any increase to home loan rates is significant for households. We encourage customers to talk to us about their situation. There’s no one-size-fits-all answer, and we want to help people find the approach that works best for them.”
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Kiwibank also revealed changes today.
Its special one-year rate for those with 20% equity was raised by 10 basis points to 4.59%. Its three, four and five year terms were also up 10 basis points to 5.35%, 5.79% and 5.89% respectively.
Its standard rates were also increased.
It also lifted term deposits for terms from one to five years.
Last Tuesday, Westpac said it would be increasing its one-year rate by 10 basis points to 4.59%, and its two-year and three-year rates by 30 basis points to 5.19% and 5.29%, respectively.
A day later, BNZ increased its 18-month rate by five basis points to 4.69%, its two-year rate by 20 points to 4.89%, its three-year rate by 30 to 5.29%, its four-year rate by 30 to 5.49%, and its five-year rate to 5.69%.
ANZ announced it would raise its 18-month to five-year fixed home loan rates by 20 basis points (0.20%), with the one-year rate rising by 10 basis points. Its one-year special rate rose to 4.59%, while the two-year special rose to 5.09%. Standard rates would also rise, with the one-year rate moving to 5.19% and the two-year rate to 5.69%.
The increased rates come at a time of financial anxiety for many Kiwis, with fuel costs skyrocketing due to global transit disruptions caused by the war in Iran, likely impacting people's day-to-day costs.
Last week, Reserve Bank governor Anna Breman said she had changed the focus of her speech to Business NZ’s CEO Forum in Auckland today, and would discuss how the situation in the Middle East was impacting the New Zealand economy.
The Government said it would unveil the details of a fuel support package today, which Finance Minister Nicola Willis has hinted would be targeted at low and middle-income families.
"It must be targeted, it must be timely, and it must be temporary and not drive inflation or debt higher, because as we steer New Zealand through this immediate challenge, we must also continue to look to the future and bend the debt curve down," Nicola Willis said on Monday.
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