Two major banks, ASB and BNZ, have increased their long-term home loan and term deposit rates while lowering their six-month fixed rates, influenced by rising wholesale rates. This follows the Reserve Bank’s recent cut of the Official Cash Rate to 2.25%. ASB’s two-year rate will rise by 26 basis points to 4.75%, with its three-year rate increasing to 5.09%, and both its four- and five-year rates will go up by 30 basis points to 5.39% and 5.45%, respectively.
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