ANZ blinks first

ANZ Bank is first big bank to move interest rates following the Reserve Bank's move last week to increase the OCR by 0.50% to 5.25%.

ANZ has increased its floating home loan rate by 0.40% to 8.39%. [Here is how it compares to other lenders]

ANZ managing director for personal banking Ben Kelleher says “since October 2021 the OCR has increased by 5% and in response we’ve taken a balanced approach to both lending and saving interest rate movements, with changes in each area very similar.”

Over that its floating and one-year fixed home loan rates have both increased by 3.95%.

Kelleher says when reviewing interest rates the bank considered a range of factors, including the impact on customers, the OCR and changes in wholesale interest rates and competitor activity.

“In the coming months more people will be feeling financial pressure as their fixed home loans roll off. Anyone facing difficulty or needing support should get in touch with their bank sooner rather than later,” he says.

Meanwhile. The Government has had a third go at fixing the rules around the Credit Contracts and Consumer Finance Act (CCCFA).

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