Mortgage Rates Daily Commentary
Monday 15 December 2025
ANZ too hikes rates; Kiwibank says the RBNZ stuffed up its communications last week
ANZ has followed Westpac and increased interest rates of terms of 18 months or more. It too blames rising wholesale r rates.
Grant Knuckey, managing director for Personal Banking, said the increases in fixed rates were a response to recent rises in wholesale interest rates.
“Since our last fixed rate reduction on October 17, wholesale interest rates have risen significantly, increasing by 33 to 77 basis points for terms 12 months and longer.”
This follows the Reserve Bank’s latest cut to the Official Cash Rate, when it signalled a pause in the easing cycle, indicating the OCR would remain at 2.25% for the foreseeable future.
“Changes to the OCR affect floating mortgage rates more directly. Changing expectations about future OCR decisions influence wholesale rates, causing fixed mortgage rates to go up or down,” Knuckey said.
In the News Kiwibank is arguing the medicine, lower interest rates, is working to fix the sick economy. (Even though they are now rising).
Interesting, Jarrod Kerr says the RBNZ is "at the centre of some confusion" over interest rates.RBNZ is "at the centre of some confusion" over interest rates.
Here is what Kiwibank is saying.
New owners for Wizard?
UPDATED: General Electric is considering selling or changing the model of its franchised Wizard Home Loan operation in New Zealand.
Wednesday, May 28th 2008, 8:40AM
Reports are circulating that GE will either sell or put Wizard into a joint venture or form some sort of strategic alliance.
The proposals, which have been confirmed by Wizard, relate just to the home loans business in New Zealand and does not impact on the wholesale funding Wizard's parent provides to many non-bank lenders.
Wizard has around 30 branches in New Zealand, which is down from its high of 45.
It is understood Wizard's home loan book is larger than TSB Bank's and about half the size of Kiwibank.
Its best year was 2006 when it wrote around $750 million of loans and in the following year the figure was $600 million.
The decision to look at different structures is driven by a number of factors including competition and the cost of money. Also it is understood the decision is based more around Wizard in Australia than New Zealand.
Reports suggest that Wizard's founder and chairman, Mark Bouris, may try to buy back the company.
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