By Colin Ambler/cvnznews.com
ANZ NZ announced on Friday they have increased some of its home loan rates – citing wholesale interest rates and uncertainty from the conflict in the Middle East as reasons for the increases.
The bank’s fixed home loan rates have been increased by 10- to 20-basis points across all terms.
Its one-year fixed special rate rose 10-basis points to 4.79%, while its six-month special rate has gone up 20-basis points to 4.69%.
ANZ NZ has also increased fixed home loan rates for terms of 18 months and longer by 20-basis points.
Managing director for personal banking at ANZ NZ Grant Knuckey said wholesale interest rates have “continued to climb” as a result of “increased uncertainty” in the global economy.
He added home loan customers were still seeing the benefits of earlier cuts to fixed interest rates in the easing cycle.
“Around 83% of ANZ’s fixed home loans are on rates below 5%, a significant shift from the end of 2024 when fewer than 10% of loans were on rates below 5%.”
Today’s home loan changes were made alongside a 15-basis point increase to ANZ NZ’s nine-month and one-year term investment rates.
“We aim to strike a balance over time between competitive rates for borrowers and fair returns for savers,” Knuckey added.
