ANZ mortgage and savings rates increase

New Zealand’s largest bank has moved to increase some of its home loan and savings interest rates.

The changes came two days after the Reserve Bank increased the official cash rate from 3 per cent to 3.5 per cent — its fifth consecutive 50 basis point rise.

Yesterday ANZ Bank New Zealand lifted its floating home loan rate and flexible home loan rates by 50 basis points to 7.34 per cent and 7.45 per cent.

Its blueprint to build a home loan rate — a discounted rate for those building a home — will also rise 50 basis points to 4.58 per cent.

ANZ said there would be no change to its fixed home loan rates at present.

ANZ last hiked its fixed loan rates on September 21 in a move that was followed by the other banks.

Its rates increased by between 26 and 35 basis points. Its standard two-year rate is now 6.35 per cent while its special rate — for borrowers with at least 20 per cent equity — is 5.75 per cent.

The bank said in a statement that around 90 per cent of its home loan balances were on fixed rates.

Its business floating and overdraft base rates would also rise by 50 basis points.

However, it plans to increase the rate on its serious saver accounts — its largest savings product — by only 40 basis points to 2.7 per cent.