ANZ National Bank is increasing its short-term fixed mortgage lending rates today, but cutting some longer-term rates by 15 basis points.
ANZ National is also increasing deposit rates by up to 50 basis points.
The changes to household lending rates were being made because of fluctuations in wholesale
funding costs, the bank said.
At ANZ and National, the six-month home lending rate will rise by 20 basis points to 9.8 per cent, and the one-year rate will increase by 40 points to 9.8 per cent.
The two-year and 30-month fixed rates remain at 9.4 per cent, but three, four and five-year rates will fall by 15 points to 9.35 per cent.
For deposits, ANZ's 12-month rate will increase 30 basis points to 8.7 per cent.
National's deposit rate changes ranged from a 40-point fall to 8 per cent for 150 days, to a 50-point increase to 8.5 per cent for 180 days.
Wholesale markets have swung in recent weeks, first anticipating early interest rate cuts after weak economic figures, and then in reaction to last week's Budget tax cuts which economists said could delay any Reserve Bank rate cuts.
The Reserve Bank reviews its 8.25 per cent Official Cash Rate on Thursday, June 5, and there is expected to be no change.
- NZPA
