Mr Kelleher said according to Statistics NZ 38% of New Zealanders have a home loan and RBNZ data shows that around 90% of mortgage debt is on fixed rates. “With this in mind, it is understandable the Reserve Bank is strongly hiking the OCR in an attempt to dampen inflation.” “High inflation hurts people’s spending power, devalues their savings, and increases business costs, pushing up the cost of living,” Mr Kelleher said.
Over that time ANZ Serious Saver has increased by 4.05%, and the key 12-month Term Deposits by 4.30% and our floating and 1-year fixed home loan rates have both increased by 3.95%. “Since October 2021 the OCR has increased by 5% and in response we’ve taken a balanced approach to both lending and saving interest rate movements, with changes in each area very similar.” Rates across various term deposits will increase by between 0.10% and 0.25% and some fixed home loan rates will increase by between 0.14% and 0.20%.ĪNZ NZ Managing Director for Personal Banking Ben Kelleher said rising rates would be a help to savers. The ANZ Serious Saver rate will increase by 0.50% while ANZ’s floating home loan rate will increase by 0.40%. ANZ Bank New Zealand (ANZ NZ) will increase interest rates on some deposit and lending products following the Reserve Bank of New Zealand’s decision to increase the Official Cash Rate by 0.50% to 5.25%.
