New Zealand's largest bank is the first in the country to announce changes to its interest rates following today's official cash rate hike.
The Reserve Bank lifted the OCR by 25 basis points to 2.75% this afternoon, its second consecutive increase after raising it to 2.50% in July.
This afternoon, ANZ said its floating home loan rate would rise from 6.04% to 6.29%, while its flexible home loan rate would increase from 6.15% to 6.40%.
ANZ's business flexible facility rate would also rise by 0.25% to 6.29%.
The changes would take effect for existing customers from September 23, while the new floating home loan rate would apply to new loans from September 9.
ANZ also announced increases to several savings rates.
Its online account, PIE fund call option and business premium call account rates would rise by 0.05% to 0.50% from September 9.
The premium rate on its serious saver account would increase by 0.25% to 2%, taking the total available rate to 2.05% from October 1. Its standard serious saver rate would be unchanged.
"Interest rates will continue to be reviewed in response to international and local market conditions," an ANZ spokesperson said.
"When reviewing interest rates, we consider a range of factors, including the impact on customers, the underlying cost of funds – including wholesale rate movements – and competitor activity."
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