ANZ announces lending rate changes

ANZ Bank New Zealand will raise some of its lending rates, following last week’s 0.5% OCR hike by the Reserve Bank of New Zealand.

Read more: Reserve Bank makes its next rate call 

The ANZ Floating home loan interest rate, ANZ Flexible home loan interest rate, and Blueprint to build (the discounted floating rate for people building their own home) will increase by 0.5% pa to 7.34% pa, 7.45% pa, and 4.58%, respectively. 

Around 90% of ANZ home loan balances are currently on fixed rates. The ANZ fixed home loan rates will remain unchanged for now.

Business floating and business overdraft base rates will also lift by 0.5% pa. 

Read next: BNZ and Kiwibank raise mortgage rates

“With increasing global economic uncertainty and higher inflation, we know people are having to make some tough choices about their spending,” said Ben Kelleher, ANZ managing director for personal banking. “And they’re feeling understandably nervous. However, we can see from our customer data that many are in good shape to get through this. Where possible, people are choosing to stay on top of their debt and save money where they can.”

Kelleher encouraged customers to get in touch with the bank early to talk about their financial concerns. 

“People shouldn’t be nervous about talking to their bank, we’re here to support customers with the various options available to them,” he said. “There are steps you can take to manage your home loan and things you can do to help relieve some financial pressure.”

ANZ said interest rates will continue to be reviewed in response to international and local market conditions. 

The new rates will be effective from the following dates: