ANZ has hiked all its fixed mortgage rates, ahead of tomorrow's Official Cash Rate announcement by the Reserve Bank.
After a period of historically low mortgage rates, banks are starting to shift them upwards, anticipating the Reserve Bank will start to raise the OCR, which has been sitting at .25 per cent for nearly 18 months.
ANZ has released its new rates which come into effect today.
A one-year fixed mortgage goes from 3.15 per cent to 3.29 per cent.
The OCR is set to rise for the first time in seven years. (Source: Other)
Mortgage terms of 18 months to five years have all increased by .10 per cent to .30 per cent.
Its "special"rates for those with a 20 per cent deposit are also increasing for one, two, three and 18-month terms.
Six month rates remain the same.
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