ANZ has announced its mortgage rates will be rising after the latest inflation figure remained high.
From tomorrow, October 20, ANZ's one year fixed rate special will be 5.99%, up from 5.45%.
Those without 20% equity will be looking at a 6.59% one year rate, up from 6.05%.
The full changes are below.
"Off the back of yesterday’s inflation figures, as well as ongoing volatility in global markets there has been a significant increase in wholesale market rates," ANZ said in a statement.
"With this in mind we are making changes to our fixed home loan rates whilst also updating our term investment rates to support customers to meet their savings and investment goals."
It comes as yesterday it was announced inflation only fell marginally to 7.2%. This is down from July's high of 7.3%.
The main driver for the 7.2 percent annual inflation to the September 2022 quarter was housing and household utilities due to rising prices for construction, rentals for housing, and local authority rates, Stats NZ said.
Earlier this month, the Reserve Bank lifted the official cash rate to 3.5%.
CPI rose 2.2% in the September quarter.
Vegetable prices rose 24% in the last quarter, petrol prices went up 19% in the past year, while diesel was up 72%.
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