Home loan rates might be sitting at about 7% for a two-year fix at the country's big banks, but borrowers need to prove they can pay a lot more than that, to get a loan. ANZ has increased its test rate, the rate at which it checks that borrowers can afford a loan. It is now using a test rate of 9.1%. Broker Glen McLeod of Edge Mortgages said another small increase in the test rate would not mean much for borrowers, given the test rates were high anyway. Chris McKeen/Stuff ANZ has lifted its home loan test rate.

Source: Stuff October 30, 2023 05:33 UTC