21 Jun 2010

Kiwibank follows other banks on rates rise

6:30 pm on 21 June 2010

Kiwibank is the latest bank to announce it is raising its variable interest rates.

The bank says its floating mortgage rate will increase by a quarter of a percentage point to 5.9%.

It says the change will be effective from Tuesday for new customers and from 6 July for existing customers.

ASB was the first to lift its variable rates on Thursday, citing an increase in the Official Cash Rate. ANZ and the National Bank followed suit on Friday.