Home loans head higher

Murray Horn, the ANZ's Managing Director, announced on Wednesday that the interest rate on the standard variable and ANZ Money Saver home loans will increase by 0.25% for new applications received from May 23 and for existing customers from June 6 to 7.75% and 7.15% respectively.

The ANZ's FlexiPlus home loan interest rate will also increase 0.25% from 7.5% to 7.75% a year for both new and existing customers from June 6.

Horn says there has been further upward pressure on short term interest rates over recent weeks, resulting in the bank's need to restore its margins.

The ASB similarly has lidted its variable home lending interest rate, from 7.5%. to 7.75% after June 10.

On a table mortgage of $100,000 over a 20 year term, the bank says that equates to an increase of $15.45 per month.

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