NZ's largest bank increases some home loan interest rates
Interest rates are expected to drop throughout 2025. (Source: 1News)
Home loan interest rates to go up.
ANZ New Zealand has increased its floating and flexible home loan interest rates, in a move the bank says will align with market conditions.
The bank's floating home rate would go up 10-basis-points to 5.79%.
Meanwhile, its flexible home loan rate would increase 10-basis-points to 5.90%.
For existing loans, the changes would be effective on Thursday, January 29.
For new loans, the changes would take place on Thursday, January 15 for floating home loans, and Thursday, January 29 for flexible home loans.
An ANZ spokesperson said the bank was committed to offering competitive loan rates.
"Ahead of the November OCR cut, our floating rate was already below most of the main banks, our new rate remains competitively positioned among the main banks in the market today."
The spokesperson said ANZ would continue to review rates as global and local conditions evolved.
ANZ's other home loan rates were left unchanged. Last month, ANZ increased several of its fixed-rate home loans, which followed similar changes Westpac made the week prior.
