ANZ Hikes Mortgage & Depo Rates

Stuff NZ notes that "ANZ is making sharp increases to fixed-term home loan carded mortgage rates across the board. The bank is pushing through a +45 basis points increase, far above the recent +25 bps Official Cash Rate increase from the Reserve Bank. ANZ no longer offers any mortgage rates below 3%. And now ANZ's four and five year fixed rates are well above 5%. These changes follow sharp wholesale rate increases in the past few days, that are sticking after their initial jump. Since the surprise CPI jump on Monday, wholesale swap rates have risen about +30 bps. Since the October 6, 2021 RBNZ 25 bps OCR rise, wholesale swap rates have risen about +50 bps. So that means today's +45 bps rise by ANZ is a lesser increase than for wholesale money costs. At the same time, ANZ is also sharply raising term deposit offer rates." Still, the aftereffects of LSAP and FLP are likely keeping retail interest rates below levels where they would normally be in these circumstances.