ANZ makes increases to home loan rates

After seeing interest rates fall briefly, the country's biggest bank has now made some hikes.

ANZ has increased its short and medium term home loan rates by between 26 and 35 basis points with the biggest increases in the short terms.

Its six-month standard rate is up 35 basis points to 6.10% and its three-year fixed rate rises 25 points to 6.55%.

The bank says that with high levels of volatility in global markets and increased inflation pressure domestically, there has been a significant increase in wholesale market rates.

This has been reflected in changes we’re making to our some of our interest rates.

To ensure balance for our customers, and support their savings and investment goals, we’re making changes across both home loan and term investment rates.

As other interest rates have changed, we have continued to increase our term deposit pricing, and we have some of the most competitive rates in the market.

"For home loan customers who haven’t experienced rising interest rates we understand this can add some extra stress, particularly with rising inflation impacting other household costs," the bank says.

"Our team are having good conversations with our customers to ensure they’re aware of the various options available to them. This may include options to alter the term of their loan and lower repayments if needed."

It is encouraging customers to get in touch with the bank if they have any concerns. 

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