AUCKLAND (CU)_The Auckland Savings Bank on Tuesday (13 July), decided to increase its mortgage rates, ahead of the central bank’s announcement on the OCR. Accordingly, the fixed one-year rate offered by the bank has been increased by 0.36per cent to 2.55 per cent, while the two-year rate also reached 2.95 per cent from the previous rate of 2.59 per cent. The financial service provider, owned by the Commonwealth Bank of Australia, now offers a rate of 3.99 per cent for a term of five years, a 0.3 per cent increase from the previous 3.69 rate.
To have a better understanding on the impact of these changes, a recent home buyer, who is paying off an $800,000 mortgage across 30 years, would now have to pay…
