An announcement has been made by Kiwibank stating that it was going to change interest rates on its mortgages, with six month rates rising for floating, but on the contrary, the longer terms rates set to plunge.

Its floating rate has gone up 0.25% from 5.9 to 6.15% per annum.

Kiwibank’s six-month rate has seen an increase of 0.25% from its prior number, 6.10%, with now being at 6.35%.

The rate for two years has plunged by 0.30%. It was 6.99% earlier per annum, but now it is as 6.69%.

The three year rate has plunged by 0.06% from 7.25% to 7.19% and four year rate plunged 0.10% from 7.55% to 7.45%.

Westpac, ANZ and TSB, all have raised their floating mortgage rates by 30 basis points, which rose up by 5 more points than the OCR move.

The increased rates by ANZ were by 25 basis points to 6.20% and increased 6 month mortgage rate by 25 basis points to a level, 6.35%.

Westpac increased floating mortgage rate by 25 basis points to 6.10% and 6 month rate by 15 basis points to 6.25%

TSB floating rose up by 30 basis points and 6 month by 25 basis points.