Wellington, June 21 NZPA - ANZ National Bank has increased its variable, six month and one year mortgage rates after the Reserve Bank of New Zealand hiked the official cash rate by 25 basis points to 2.75 percent earlier this month.

ASB was the first to move when it increased its variable rate to 6 percent.

ANZ is raising its variable rate to 5.95 percent and National Bank is increasing its variable rate to 5.99 percent. Both brands are owned by ANZ National, which is owned by Australia's ANZ.

Both banks have added 10 basis points to their six month and one year rates.

The rise in the official cash rate was the first since July 2007, and further increases are anticipated in coming months.