The bank’s 18-month term deposit rate is being increased by 20 basis points, while longer-term rates are up by 10 basis points.
ANZ is increasing some home loan rates. Photo / Alex Burton
“Lower interest rates have flowed through to customers with around 82% of our home loans on a rate below 5%,” Knuckey said.
He urged anyone with concerns to contact their bank sooner than later and said ANZ will support customers with the options available to them.
“There are steps you can take to manage your home loan and things you can do to help relieve some financial pressure,” he said.
ANZ plans to review interest rates in response to international and local market conditions.
Last week, the Reserve Bank (RBNZ) held the Official Cash Rate at 2.25%, but its monetary policy committee warned “in the near term, inflation is expected to increase and the economic recovery to weaken”.
“The Middle East conflict has disrupted global supply chains, leading to significantly higher prices for oil and refined petroleum products,” the committee said.
The RBNZ also expected the annual Consumers Price Index inflation to reach a high of 4.2% in the June 2026 quarter, with it currently outside the target band at 3.1%.