If you’ve been watching your mortgage repayments creep up, you’re not alone. ANZ has raised home loan rates multiple times in 2026, and borrowers on both sides of the Tasman are feeling the pinch. Here’s what actually changed, when, and what it means for your next move.

4 related posts

Latest ANZ variable rate increase (Australia): 0.25% p.a., effective 15 May 2026 ·
Earlier 2026 increase (Australia): 0.25% p.a., effective 13 February 2026 ·
ANZ fixed rate change (New Zealand): up to 20 basis points, effective 14 April 2026 ·
2025 ANZ Plus variable rate increase: 0.16 percentage points, to 5.75% (August 2025) ·
Current ANZ Simplicity PLUS rate (60% LVR): 6.39% p.a.

Quick snapshot

1Confirmed facts
2What’s unclear
  • Whether ANZ will further increase rates in 2026
  • Whether mortgage rates will return to 3% in the foreseeable future
  • Direction of Irish mortgage rates in 2026
3Timeline signal
  • August 2025: ANZ Plus variable rate increased to 5.75% (ANZ Australia newsroom)
  • 13 February 2026: ANZ variable rate increase takes effect (ANZ Australia rate changes page)
  • 14 April 2026: ANZ NZ fixed rate increase (ANZ New Zealand rates page)
  • 15 May 2026: ANZ variable rate increase takes effect (ANZ Australia rate changes page)
4What’s next
  • RBA cash rate decisions will influence ANZ variable rates
  • Market expectations suggest gradual easing, not a return to 3%
  • Borrowers may consider fixing for shorter terms

The table below consolidates the key rate changes and current offerings.

Latest increase effective date (Australia) 15 May 2026
Increase amount 0.25% p.a.
Previous 2026 increase (Australia) 13 February 2026, also 0.25% p.a.
NZ fixed rate change date 14 April 2026
NZ fixed rate increase range up to 20 basis points
Current lowest variable rate (60% LVR) 6.39% p.a.

The implication: these dates reveal a pattern of staggered increases across two countries, with variable and fixed products affected on different timetables.

Did ANZ just raise interest rates?

Recent ANZ rate changes in Australia

  • 15 May 2026: ANZ increased variable home loan rates by 0.25% p.a. (ANZ Australia rate changes page)
  • 13 February 2026: ANZ increased variable rates by 0.25% p.a. (ANZ Australia rate changes page)
  • August 2025: ANZ Plus variable rate increased to 5.75% (ANZ Australia newsroom)

These three increases add up to a total variable rate hike of at least 0.66 percentage points since mid-2025 for many ANZ borrowers. The May 2026 move alone adds about $80 per month to a $500,000 loan, according to the bank’s own estimate.

The upshot

Australian borrowers with a $500,000 variable loan are now paying roughly $80 more per month than before the 2026 increases. For New Zealand borrowers, the fixed rate increases lock in higher costs for the term length chosen.

Recent ANZ rate changes in New Zealand

  • 14 April 2026: ANZ NZ lifted fixed home loan rates by up to 20 basis points (ANZ New Zealand rates page)
  • January 2026: ANZ NZ increased floating rates by 10 basis points to 5.79% (ANZ New Zealand rates page)

New Zealand borrowers saw a mix of fixed and floating adjustments. The 6-month fixed rate stayed at 5.09%, but longer terms rose.

The pattern: ANZ has been raising rates in both countries, but the timing and magnitude differ. Australian borrowers faced two 0.25% hikes in 2026, while New Zealand borrowers saw a smaller floating increase and a targeted fixed-rate bump.

What this means: ANZ’s dual-market approach means borrowers in Australia face larger variable increases, while NZ borrowers see more contained but targeted fixed-rate adjustments.

What is the ANZ current home loan interest rate?

ANZ Simplicity PLUS rates by LVR

Six LVR bands, one clear pattern: the lower your equity, the higher the rate.

LVR band Interest rate (p.a.)
60% or less 6.39%
70% or less 6.44%
80% or less 6.54%
90% or less 7.09%
More than 90% 7.09%

Source: ANZ Australia rate changes page

The implication: borrowers with less than 20% equity face rates above 7%, a significant premium over low-LVR options.

ANZ fixed rates overview

These fixed rates, effective from March 2026, show a steepening yield curve. The 2-year rate is actually cheaper than the lowest variable rate, an unusual pattern that signals the market expects rate cuts within two years.

The trade-off: variable rates offer flexibility but are subject to further hikes, while fixed rates provide certainty at a premium. With the lowest variable rate at 6.39% and the 2-year fixed at 6.04%, the gap is narrow. Borrowers with less than 20% equity face rates above 7%.

Key observation: The 2-year fixed rate being cheaper than the lowest variable rate is a signal that financial markets anticipate rate cuts within two years, not further hikes.

Will interest rates be 3% again?

Historical context: when were rates at 3%?

In 2021, ANZ variable rates for owner-occupiers sat around 2.5% to 3% p.a. Current rates are more than double that. The RBA’s cash rate was at a record low of 0.10% in 2021, compared to 4.10% in mid-2024 after 13 consecutive hikes. A return to 3% mortgage rates would require the cash rate to drop below 2%, which no major bank currently forecasts.

Current analyst outlook

Market expectations point to gradual easing beginning in late 2026, but not a return to emergency-level lows. ANZ’s own economists forecast the cash rate at 3.60% by the end of 2026, according to RBA tracker data. That would put variable rates in the 5.5% to 6.5% range, far from 3%.

The implication: for borrowers hoping for a return to 3% mortgages, the data suggests that’s unlikely in the next few years. Planning for rates in the 5-7% range is more realistic.

The catch: ANZ economists see variable rates staying in the 5.5-6.5% range through 2026, so borrowers should plan for sustained higher costs, not a return to pandemic-era lows.

Timeline: ANZ Rate Changes in 2025-2026

  • August 2025: ANZ increases ANZ Plus variable home loan rate by 0.16 percentage points to 5.75% (ANZ Australia newsroom)
  • 3 February 2026: ANZ announces variable rate increase of 0.25% p.a., effective 13 February 2026 (ANZ Australia rate changes page)
  • 13 February 2026: ANZ variable rate increase takes effect (Australia)
  • 14 April 2026: ANZ New Zealand lifts fixed home loan rates by up to 20 basis points (ANZ New Zealand rates page)
  • 15 May 2026: ANZ announces and implements further 0.25% p.a. variable rate increase (Australia) (ANZ Australia rate changes page)

Confirmed facts vs. what’s unclear

Confirmed facts

  • ANZ increased variable rates by 0.25% p.a. on 15 May 2026 (ANZ Australia rate changes page)
  • ANZ increased variable rates by 0.25% p.a. on 13 February 2026 (ANZ Australia rate changes page)
  • Current ANZ Simplicity PLUS rates as listed on anz.com.au (ANZ Australia rate changes page)
  • ANZ NZ raised fixed rates in April 2026 (ANZ New Zealand rates page)

What’s unclear

  • Whether ANZ will further increase rates in 2026
  • Whether mortgage rates will return to 3% in the foreseeable future
  • Direction of Irish mortgage rates in 2026

What ANZ says

“ANZ will increase variable interest rates for home loans by 0.25% p.a. effective 15 May 2026.”

ANZ Australia rate changes page

“The increase will raise repayments by about $80 per month on a $500,000 principal-and-interest owner-occupier variable loan.”

ANZ Australia newsroom

For Australian borrowers, the choice is becoming clearer: locking in a fixed rate now may shield against further hikes, but missing out on potential cuts later. For New Zealand borrowers, the floating rate option offers flexibility but carries risk. The next RBA decision will be pivotal.

Related reading: ANZ Australia newsroom – variable home loan rate increase announcement · Canstar – ANZ hikes fixed rates ahead of RBA decision

Additional sources

1news.co.nz, anz.com.au, 1news.co.nz, 1news.co.nz, interest.com.au, asianbankingandfinance.net, interest.co.nz, 1news.co.nz

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Frequently asked questions

When was the last ANZ rate increase?

The most recent ANZ rate increase was on 15 May 2026, when variable home loan rates rose by 0.25% p.a. in Australia. In New Zealand, the last change was on 14 April 2026 for fixed rates.

How much did ANZ raise rates in 2026?

ANZ raised variable rates twice in Australia in 2026: 0.25% p.a. on 13 February and another 0.25% p.a. on 15 May. In New Zealand, fixed rates rose by up to 20 basis points in April.

Are ANZ rates going up or down?

As of May 2026, ANZ rates have been increasing. There is no official announcement of rate decreases. Future direction depends on the RBA cash rate.

What is the current ANZ home loan rate?

ANZ Simplicity PLUS rates start at 6.39% p.a. for LVR 60% or less, and go up to 7.09% p.a. for LVR above 90%. Fixed rates range from 6.04% (2-year) to 6.34% (5-year).

Will ANZ lower rates in 2026?

No official guidance exists. Market expectations suggest gradual easing in late 2026, but a return to 3% rates is not forecast.

How do ANZ rates compare to other banks?

ANZ’s Simplicity PLUS rates are competitive for low-LVR borrowers, but for high-LVR loans the rates are similar to other major banks. Fixed rates are in line with market averages.

What factors influence ANZ rate changes?

ANZ variable rates are closely tied to the RBA cash rate. Fixed rates reflect wholesale funding costs and market expectations of future cash rate movements.