ANZ New Zealand will soon be increasing its mortgage serviceability interest rate, the rate it tests mortgage applicants' ability to repay at, to above 8%. (See all banks' mortgage rates here). She says the 5.8% test rate was in place for about six months last year, "when people were getting home loans at 2.4%." ANZ's mortgage serviceability test rate was at 5.8% in June last year when interest.co.nz wrote about rates across banks. Despite the rising interest rate environment and high inflation, Watson says ANZ's not noticing many borrowers struggling yet.

Source: Stuff October 27, 2022 22:01 UTC