Westpac has raised some of its home loan rates and term deposits.
The bank said that, from tomorrow, its six-month fixed terms would increase by 20 basis points (bps) to 4.69% (special) and 5.29% (standard).
Its three-year fixed terms will jump 6bps to 5.35% (special) and 5.95% (standard).
Westpac also said it was increasing its 9- and 12-month term deposits by 10bps.
Earlier this week, BNZ raised its mortgage rates for a second time in as many weeks.
It said its 18-month, two- and three-year fixed home loan rates would increase by 10bps.
BNZ’s 18-month rate jumped from 4.85% to 4.95%, having been hiked by 6bps on April 23.
Its two-year fixed rate, which went up 20bps to 5.09% two weeks ago, increased again to 5.19%.
Meanwhile, its three-year fixed term was lifted from 5.29% to 5.39%.
BNZ said it regularly reviewed its home loan rates to ensure they reflected market conditions.
“Fixed home loan rates are influenced by a range of market factors, including wholesale funding costs, swap rates, bond yields and expectations for future rate movements.
“Many of these market factors are more volatile than normal, given recent global events.”
Yesterday, BNZ announced a statutory net profit of $494 million for the half-year ending March 31, down $301m, or 38%, from the corresponding period a year ago.
Operating expenses rose by $352m in the six months to March as it escalated replacing its software.
Last week, ASB lifted some mortgage rates by as much as 20bps.
Its one-year fixed home loan rate rose 6bps to 4.65%, the equal lowest among the big five.
However, smaller bank TSB undercut the major players by lifting its fixed one-year special rate to 4.59% (for those with a minimum 20% equity).
ASB also hiked its fixed two-year home lending rate by 16bps to 5.25%.
Its three-year fixed rate went up 10bps to 5.49%, and its four-year term increased by 14bps to 5.69%.