It's been a pretty interesting week with the Reserve Bank announcing how it plans to limit lending on low equity loans and now there is a new wave of interest rates rises coming through.

BNZ hiked its long term rates earlier and also changed its point of attack (a little rugby jargon ahead of this weekend's test). BNZ uses its Classic Rate as a "hero" rate, one which gets headlines and attracts attention. It has removed the three-year Classic rate and replaced it with an 18-month rate.

Yesteday ANZ has now gone one better (in a race most lenders don't want to be in) and increased fixed rates but has also become the first big bank to break the 7% mark with its five-year rate.  It is still offering a 4.95% one year fixed rate and a 7.10% five year rate. With that sort of differential it's hard to see any one wanting to take on the five year rate.

To see how its five-year rate stacks up click here where we have sorted the table from highest to lowest rate on that term.

Our prediction is that we are about to see a wave of rate increase from all the banks.

Have you joined up yet? One of our new developments is that we have created a Facebook page to help you keep up to date with what is happening with interest rates and home loans. It is a place you can ask questions and also share your lendng experiences. You can like the page at www.facebook.com/nzmortgagerates

One of the interesting things about the Reserve Bank's LVR announcement is the silence from the banks. It seems they have all decided not too say too much publicly and leave comment up to the Bankers Associaiton.