The country's largest bank has increased both its home loan rates and deposit rates for the second time in a month, pointing to a "significant increase" in wholesale market rates.

From today ANZ has lifted its special and standard home loan rates by between 34 and 50 basis points.

Its one-year special rate which is available to those with at least 20 per cent deposit or equity has risen from 4.85 per cent to 5.35 per cent, while its two-year special rate is now 5.8 per cent, up from 5.35 per cent.

That is well above the other main trading banks which are currently offering 4.85 per cent for one year while BNZ, Kiwibank and Westpac are offering 5.19 per cent for two years.

ANZ will also increase its term deposit rates by between 10 and 50 basis points.

Its one-year term deposit has gone up 50 basis points to 3.65 per cent while those prepared to lock their money in for two years can get 4.05 per cent - an increase of 45 basis points.

On May 30 the ANZ increased its floating and flexible interest rates which went up 0.4 per cent to 5.94 per cent per annum and 6.05 per cent per annum respectively.

Its business floating and business overdraft base rates also went up 0.5 per cent per annum.

While it also increased the interest on its Serious Saver account, ANZ's largest savings product, by 40 basis points to 1.5 per cent.

Those changes came a week after the Reserve Bank hiked the official cash rate by 50 basis points to 2 per cent.

Today an ANZ spokeswoman said with high levels of volatility in global markets and increased inflation pressure domestically, there had been a significant increase in wholesale market rates.

"With increased inflationary pressure globally, and the decision from the US Federal Reserve to raise interest rates last week, there has been a significant increase in wholesale market rates.

"This comes off the back of the RBNZ projecting the OCR to peak at 3.9 per cent in 2023 in an attempt to rein in rising inflation. Previously the RBNZ expected a peak of 3.4 per cent."

She said that had meant an increase to wholesale rates, which also impacted retail interest rates.

Heartland Bank and The Co-operative Bank have also increased rates this week.