This after last week's OCR rise
New Zealand's biggest bank has once again increased its mortgage rates, after the Reserve Bank hiked the cash rate by another 75 basis points last week, taking the OCR to 4.25%.
ANZ said it will lift fixed home loan rates by 0.55% pa and raise the rate for four and five-year terms by 0.35% pa.
That means the current one-year fixed rate special of 5.99% pa will lift to 6.54% pa, while the two-year fixed rate special of 6.19% pa will go up to 6.54% pa, 1News reported.
“People shouldn’t be nervous about talking to their bank, we’re here to support customers with the various options available to them,” said Ben Kelleher, ANZ managing director for personal banking. “There are steps you can take to manage your home loan and things you can do to help relieve some financial pressure.”
ANZ said it will also increase its floating, flexible home loan interest rates, and blueprint to build (the discounted floating rate for people building their own home) by 0.65% pa.
The changes will take effect on the following dates:
- ANZ fixed rate home loans – Nov. 30
- ANZ floating home loan interest rate – Nov. 30 for new loans, Dec. 14 for existing loans
- ANZ flexible home loan interest rate – Dec. 14 for new loans, Dec. 14 for existing loans
- Blueprint to build – Nov. 30 for new loans, Dec. 14 for existing loans
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