National Bank Increased Mortgage Home Loan Rates: Newzealand

The increase in loan rates is going all around the world. Although US Fed kept the rates unchanged yesterday, but in Newzealand, the interest rates are being raised consistently by many banks. Yesterday, the National Bank in Newzealand became the latest bank to increase the loan rates for mortgages and home loans. This means that the loans will now cost higher and it will hit the end customers with more money required for repayments.
By what rate are the loan interest rates increased by National Bank Newzealand?
It is reported that the hike in interest rates for both variable and flexi rate is increased by 0.25% or 25 basis points.
The new variable rate is now at 6.24% while the flexi rate is 6.20%

However, it is rpeorted that National Bank's the home loan rate for 18 month fixed term is decreased by 19 basis points or 0.19% to 6.60%.
The 2 year loan rate is down 0.14% or 14 basis points and is now at 6.85%.
The 3 year loan rate is down by 0.1% or 10 basis points to 7.15%

By which date will the revised loan rates be effective by National Bank?
It is reported that the new revised loan rates are getting effective from 11th August.

Any other banks in Newzealand raising the interest rates for loans?
Yes, previously it was TSB, ANZ, Kiwibank, ASB and Westpac banks which have already changed their loan rates.

All these developments are hitting the common men really hard. Higher cost of living, uncertain job conditions and limited sources of income are making it a real problem for common man to survive