Only ANZ’s six-month fixed home loan rate will fall from 5.29% to 5.09% – a decrease of 20 basis points.
The bank’s special fixed rates will mostly remain the same, except the two-year rate, which increases to 4.89% and the three-year rate, which rises to 5.19%.
The six-month special fixed rate will fall to 4.49% – the lowest since March 2022.
ANZ personal banking managing director Grant Knuckey said while some home loan rates were increasing, more customers were seeing the benefits of the significant fall in interest rates since the bank started lowering its rates in 2024.
“The lower home loan rates in this cycle are continuing to flow through to customers,” he said.
“More than 68% of our fixed home loans are now on rates lower than 5%. That’s a big change from the end of 2024, when less than 10% of loans were under 5%.”
ANZ will also increase interest rates on long-term Pie funds and term deposits.
Interest rates on two and four-year term deposits will increase by 20 basis points to 3.85% and 4.25%, respectively.
The interest rate on a one-year deposit will increase by five basis points to 3.55%, while the rate on a four-year deposit will increase to 4.25%.
The interest rate will increase by 30 basis points on a five-year deposit to 4.50%.
ANZ’s latest move mirrors the actions of other New Zealand banks.
Last month, Westpac raised its long-term mortgage rates while cutting its six-month rates.
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