ANZ lifts rates in line with the OCR increase

ANZ is lifting mortgage rates following Wednesday's 25 basis points Official Cash Rate (OCR) hike by the Reserve Bank.

They are raising their floating rates by the full +25 basis points of the OCR increase.

That will take ANZ's Standard floating rate to 5.04%, up from 4.79% previously. Their revolving credit rate will rise to 5.15%.

Blueprint to Build is a discount off the floating rate

At the same time, they are raising some savings account interest rates by +25 bps as well. For example, ANZ's Serious Saver account rate will rise to a potential rate of 0.70%.

They are expecting more rises. A spokesperson said: "As the Reserve Bank moves to rein in inflation and bring some balance back to the economy they have signalled the OCR would continue to rise, potentially to around 3.4% by late 2024. If that happens, interest rates for lending and savings are likely to continue to rise too."

ANZ's new rates will be effective from the following dates:

Home lending Floating New Loans 1 March   Existing Loans 15 March 'Blueprint to Build' (2.76% discount) New loans 1 March   Existing loans 15 March Home lending Flexible New Loans 15 March   Existing Loans 15 March Business floating New Loans 1 March   Existing Loans 15 March Business overdraft   15 March Serious Saver   1 March

It is likely that all other banks will follow with similar increases, and soon.