All four of the big Australian-owned banks have increased long-term mortgage rates, with local lending minnows now offering the sharpest prices in the home-loan market.
The latest stampede started just over a week ago, when the BNZ raised all its fixed mortgage rates by about a third of a percentage point.
ANZ and ASB quickly followed, and Westpac has since signalled big increases across the board to come into effect on Friday.
The bank will raise its two-year term 30 basis points to 5.95 per cent, its three-year rate by 46 basis points to 6.5 per cent, its four-year rate by 60 basis points to 6.9 .
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