ANZ National has announced a raft of mortgage rate changes for both the ANZ and National banks, but the changes are surprisingly different across the two brands. ANZ has left its standard variable rate unchanged at 6.45%, but has introduced a new 'Simple Variable' rate at 5.69% that only applies to customers with an Loan to Value Ratio (LVR ) of 80% or less. Meanwhile National Bank is cutting its standard variable rate to 5.75% from 6.45%. ANZ is cutting its Flexiplus mortgage rate to 5.95% from 6.6%, but is increasing its 1, 2, 3, 4 and 5 year rates by between 30-45 basis points. A full list of ANZ and other bank mortgage rates is available here.

National Bank increased its 1, 2, 3, 4 and 5 year fixed mortgage rates by 30 to 50 basis points. National Bank's rates were marginally higher than for ANZ through 1, 2 and 3 year fixed rate terms, but identical for 4 and 5 year terms. Their rates have often mirrored each other in the past, suggesting ANZ National is trying to differentiate the brands in some way. A full list of National and other bank mortgage rates is available here. Speculation has brewed recently that ANZ National is looking to let its presence in New Zealand ebb away given its CEO Mike Smith is focused on growth in Asia and ANZ National's profits have slumped in the last year, much more than ANZ Banking Group's other arms. Banks have been reducing their variable rates in recent weeks as market conditions become more relaxed for very short terms, although they have been increasing their fixed rates slightly in line with higher rates in wholesale markets. Increasing demand to fix rates is pushing up rates in the market, although market expectations are also growing that the Reserve Bank will have to start increasing the Official Cash Rate from early next year. See interactive charts here of bank mortgage rates.