ANZ has raised all its fixed mortgage rates, putting its rate card above every other major bank. The increases of 10 to 20 basis points bring the six-month rate to 4.69 percent, the one-year to 4.79 percent, and the five-year to 6.49 percent. Markets are pricing an almost certain OCR rise at the July review.
ANZ has lifted all of its fixed mortgage rates, making it the most expensive major bank to borrow from across all fixed terms. The increases of 10 to 20 basis points took effect immediately and put ANZ's rate card at the highest level of any of the four main retail banks.
The new ANZ rates are: 4.69 percent for six months, 4.79 percent for one year, 5.19 percent for 18 months, 5.49 percent for two years, 5.69 percent for three years, 6.39 percent for four years, and 6.49 percent for five years. The six-month and one-year rates now match Westpac, which had moved earlier. All other terms are the highest among the major banks outright.
Term deposit rates also moved, but only for two of the available terms. Both the nine-month and one-year TD rates rose by 15 basis points — the two most popular products, according to ANZ. The bank said it aimed to "strike a balance over time between competitive rates for borrowers and fair returns for savers."
The rate rises follow a period of sustained increase in wholesale swap rates. Since mid-March, when ANZ's one-year fixed rate was 4.49 percent, wholesale rates have risen approximately 40 basis points. Today's announcement brings the one-year fixed rate to 4.79 percent — a 30 basis point increase from the March level, with further increases across longer terms.
The timing coincides with financial markets assigning near-certain probability to an OCR increase at the Reserve Bank's next review on 8 July 2026. That expectation is flowing through into fixed mortgage pricing, as banks adjust ahead of central bank moves.
For existing borrowers, the increases add pressure to an already stretched environment. For those with terms expiring soon, the option to fix again will be at higher rates than they previously held. Historical patterns suggest the other major banks — ASB, BNZ, and Westpac — will follow ANZ's lead in coming days, narrowing any rate advantage they currently hold.
This article is for general information only and is not personalised financial advice. Seek advice from a licensed financial adviser (registered on the FSPR) for guidance specific to your situation.