The move follows similar variable home rate rises announced by BNZ and ASB
ANZ will increase its variable home loan interest rate – the third major bank to announce such a move after BNZ and ASB.
Read more: ASB, BNZ signal variable home loan rate rise
The decision comes after the Reserve Bank increased the OCR from 2% to 2.5% in a bid to get inflation under control.
ANZ will lift its floating home loan rate from 5.94% to 6.34% on existing loans on Aug. 2, and on new loans from July 19, Stuff reported.
Read next: What does the OCR hike mean for first-home buyers?
According to the bank, around 90% of its home loans were on fixed rate terms, and it was not making any changes to its fixed rates for now.
ANZ said it would raise its business floating and business overdraft base rates by 50 basis points, Stuff reported.
