Steve Jurkovich: Kiwibank CEO on the bank increasing its mortgage rates in an effort to remain competitive

Kiwibank is being forced to follow the big banks’ lead.  Its one-year special rate has risen 20 basis points to 4.95%, and its two-year also increased 20 points to 5.39%.  The increase is motivated by the bank’s desire to remain competitive as wholesale borrowing costs continue to rise.  CEO Steve Jurkovich told Mike Hosking wholesale rates have been hard to deal with, but they don’t think the Official Cash Rate needs to increase in September.   He says putting the rate up doesn’t produce more oil or make things more settled.  LISTEN ABOVE  See omnystudio.com/listener for privacy information.