ANZ joins other banks in raising home loan rates

ANZ has followed the lead of other banks in raising home loan rates.

ANZ's standard variable home loan interest rate will increase from 7.5 per cent per annum to 7.75 per cent per annum.

The rise will affect new applications from May 10 and will apply to existing customers from May 27.

ANZ's fixed interest home loan rates will rise between 0.15 per cent and 0.25 per cent from May 10.

ANZ's subsidiary, the National Bank of New Zealand, has not yet announced a rate move.

Earlier this week state-owned Kiwibank lifted its variable home loan rate from 6.95 per cent to 7.2 per cent and ASB and Westpac raised their variable rates to 7.75 per cent from 7.5 per cent.

The hikes follow last week's move by the Reserve Bank to lift the Official Cash Rate to 5.5 per cent.

- NZPA