ANZ lifts home loan, savings, term deposit interest rates

ANZ says it will increase the interest rates on a number of its home loan, savings, business and term investment products, after the Reserve Bank raised the official cash rate to 4.25% last week. ANZ managing director for personal banking Ben Kelleher said the bank was taking a balanced approach in how it supported customers by also increasing rates on its term deposit and savings accounts. He said the changed forecast for the official cash rate, with an expectation that it may now need to peak higher to have an impact on inflation, had changed wholesale rates, which affected home loans. ANZ is the first of the major banks to move after the Reserve Bank’s announcement.