ANZ has raised several fixed home loan and term deposit rates, increasing mortgage rates across one- to five-year terms by 10 to 20 basis points, with its two-year special rate climbing to 5.29 percent and the one-year rate to 4.69 percent.
Deposit rates for terms between 18 months and five years have also edged higher. The move follows a revised outlook from chief economist Sharon Zollner, who now expects up to three OCR hikes this year, potentially starting in July, as markets react to rising inflation pressures linked to fuel costs and global tensions.
The bank says the changes reflect shifts in wholesale rates, including a recent rise in the two-year swap rate, while noting most borrowers remain on rates below 5 percent and many are ahead on repayments.
Customers facing pressure are being encouraged to engage early with the bank to explore support options.
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It’s great isn’t it that by people being forced to pay more money for fuel and other things effected by fuel prices the banks punish us by hiking up mortgage repayments. The government are completely responsible for this by not cutting duty.