Jeremy Andrews: Key Mortgages mortgage broker on ANZ increasing its test rate
Early Edition with Ryan Bridge · Newstalk ZB
October 30, 20232m 40s
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Show Notes
A major bank has increased its test rate, which is the rate at which it checks that borrowers can afford a loan.
ANZ has upped it to 9.1%.
That's despite home loan rates sitting around 7% for a two-year fix.
Key Mortgages mortgage broker Jeremy Andrews told Kate Hawkesby that it's the first bank to make such a move in decades.
He says interest rates have been going up since Covid came along, so test rates have too.
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Topics
anztest ratesloansjeremy andrewskey mortgages