ANZ is the first bank to move its floating home loan rates up after the OCR hike, and some of its savings rates too

The September 2, 2026 RBNZ rate hike from 2.50% to 2.75% is now starting to be passed on by the retail banks.

The first to move is ANZ, the country's largest home loan lender.

Now the first bank has moved, and the full increase is being passed through as it was in July. This is in contrast to the 2025 rate cuts when most banks did not pass on the full OCR rate deductions.

ANZ has raised its Standard Floating rate to 6.29% and its Flexible revolving credit rate to 6.40%.

At the same time  it has raised its Serious Saver rate by +25 bps to 2.05% with all of that in the 'bonus' category. The base rate stays at 0.05%. The effective date for this change is complicated and won't be until October 1. As the bank says, that will be "from the start of the following interest cycle to align with the product's monthly qualification and interest calculation process".

Their Online Call and Business Premium Call interest rates will also rise but from September 9, although these will be raised by only +5 bps to 0.50%.

Now that one bank has shifted its rates, the others are sure to follow soon too.

It is worth noting that the RBNZ said today that: "The [Monetary Policy] Committee noted a more limited pass through of higher wholesale interest rates to term deposit rates, which is lowering the cost of new funding for banks. A greater pass through to deposit rates would be more consistent with the desired stance and transmission of monetary policy." 

We will update this review as each change to floating rates comes through.

Serviceability test rates

To be updated when details are ascertained. See our tracking page here.

Along with falling mortgage rates, banks are also cutting savings account rates.

Non-bank rates

There are more home loan floating rates available than just from banks. You can find them here. The lowest floating home loan rate is from Indi, a small non-bank lender funded by Generate. They currently have a floating rate of 4.59% - which is also lower than most fixed rates on offer from anyone. It is also -170 bps lower than the updated floating rate from most banks, which makes it worth attention by borrowers. (Simplicity has a 4.20% floating rate, but it is 'members only' for qualification and only for FHBs and only if you win in their limited ballot.)