The era of record low interest rates is coming to an end. Photo / FileThe era of record low interest rates is coming to an end. Photo / FileASB is the first of the major banks to increase its mortgage and term deposit rates. ASB general manager of retail banking Craig Sims attributed the increase in interest rates to the robust New Zealand economy. Asked whether Kiwibank would also be increasing its mortgage rates, a spokeswoman said the bank was currently reviewing its rates but would not make an announcement today.

Source: New Zealand Herald July 13, 2021 20:53 UTC