ANZ raises floating, fixed mortgage and deposit rates

ANZ Bank New Zealand, the country's largest bank, has become the first of the major banks to raise its floating mortgage rate in the wake of the Reserve Bank of NZ’s official cash rate hikes in February and last week.But while the official cash rate (OCR) is up a percentage point to 5.25% since December, ANZ is raising its floating rate by only 40 basis points to 8.39% from Thursday, April 13, for new loans and from April 27 for existing loans. The OCR has risen from 0.25% since October 2021.Until ANZ’s hike, none of the major b...