CM – Big New Zealand bank raises interest rates before OCR decision

The ANZ has raised all of its fixed mortgage rates before the Reserve Bank announces the official cash rate tomorrow.

After a period of historically low mortgage rates, banks are starting to move them up in anticipation The Reserve Bank will begin raising OCR, which has been at 0.25 percent for almost 18 months.

Mortgage terms from 18 months to five years have all increased 0.10% to 0.30%.

The “special” tariffs for 20 percent deposits also increase with terms of one, two, three and 18 months.