The bank has announced that investors will need 30% equity for a home loan, effective from December 7.
It comes after the Reserve Bank launched a consultation to bring back LVR restrictions in March, after scrapping them for a year in May.
The central bank said a rise in high-risk investor lending was behind its decision.
ANZ's move, a day after ASB brought back investor LVRs, comes as banks try to get ahead of the RBNZ consultation.
Banks are expected to be reluctant to grant 90 day approvals that may clash with the Reserve Bank's rule change.
ANZ's personal lending managing director Ben Kelleher said: "Today we've made the decision to increase the deposit required by property investors to 30%, up from the current 20% for new home lending applications from December 7.
"As a responsible lender it's important for us to help customers make good borrowing decisions, and that customers have a level of borrowing they can comfortably pay back. Covid-19 has made the housing market and lending decisions more complex, and we believe that any steps we can take to increase balance and sustainability in the market is the right thing to do."