Kiwibank has joined the bandwagon of major banking institutions to pass on the Reserve Bank's higher official cash rate (OCR) rate to home owners.
The locally-owned bank announced it would raise floating mortgage rates by around 0.25% to 5.9%, effective from tommorow for novel clients and July 6 for subsisting Kiwibankers.
Tomorrow, the bank's six-month fixed mortgage rate will also rise from 5.99% to 6.10%, with one-year rates rising from 6.35% p. a. to 6.45%.

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