ANZ highlighted changes to its floating interest rate and flexible Home Loan interest rate which will go up 0.4 per cent to 5.94 per cent per annum and 6.05 per cent per annum respectively.
Business floating and business overdraft base rates would also go up 0.5 per cent per annum, ANZ said.
For Serious Saver, ANZ's largest savings product, the total interest rate will increase 0.4 per cent to 1.5 per cent.
Last week the Reserve Bank hiked the Official Cash Rate by 50 basis points to 2 per cent.
The move was largely expected but the commentary and forecasts released by the RBNZ suggested the OCR will rise faster and to a higher level as it seeks to head off inflation.
Latest RBNZ forecasts now see the OCR peaking at 3.95 per cent in 2023.
That saw wholesale markets pricing in higher rates.
ANZ managing director for Personal Banking Ben Kelleher said the global economic response to Covid-19 and geopolitical issues like the war in Ukraine were driving inflation to levels not experienced in decades.
"With this in mind, it's understandable that the Reserve Bank is strongly hiking the OCR in an attempt to dampen inflation," Kelleher said.
While the Reserve Bank acknowledged that raising the OCR steeply does put pressure on some households' spending decisions, on average household balance sheets were healthy and it was confident the economy could withstand such increases, he said.
Off the back of last week's announcement, ANZ's economists are now forecasting another 50bps lift in July, before the Reserve Bank returned to a more normal pace of hiking.
Kelleher said the OCR was one of a number of factors influencing bank lending rates. Rising wholesale interest rates across the year had also affected home loan rates.
"For those who haven't experienced rising interest rates we understand this can add some extra stress, particularly with rising inflation impacting other household costs."