CBA, ANZ, NAB, Westpac customers hit with rate hike
The Reserve Bank of Australia (RBA) hiked the official cash rate yesterday and the Big Four banks, CBA, ANZ, NAB and Westpac, haven’t hesitated in passing the change on to customers.
All four of the big banks announced yesterday they would pass on the full 0.25 per cent increase to borrowers, but not all savers are set to benefit.
Also read: Big 4 banks predict how high interest rates will go
Also read: RBA interest rate hikes could cost an extra $984 a month
Also read: RBA hikes rates again: The good, the bad and the ugly
CBA and Macquarie bank decided on a widespread lift in savings rates while ANZ and NAB left most customers out in the cold, RateCity.com.au research director Sally Tindall said.
“Let’s hope these solid savings announcements from CBA and Macquarie push ANZ and NAB, in particular, back to the drawing board to re-think their rate decisions,” Tindall said.
Here’s a breakdown of what changes your bank has made*.
Commonwealth Bank
Mortgages: variable rate changes for owner-occupiers – effective 14 October
Rate type | Old rate | New rate | Increase in repayments, $500K |
Lowest variable | 4.19% | 4.44% | $70 |
Discounted variable rate | 6.10% | 6.35% | $77 |
Standard variable rate | 6.80% | 7.05% | $79 |
CBA savings rate changes – effective 14 October
Account type | Old max rate | New max rate | Change% points |
Goal Saver | 2.10% | 2.40% | +0.30% |
Netbank Saver | 2.30% for 5 mths, then 0.85% | 3.00% for 5 mths, then 1.10% | +0.70 for 5 mths then +0.25% |
Youth Saver | 2.30% | 2.60% | +0.30% |
ANZ
ANZ variable rates for owner-occupiers – effective 14 October
Rate type | Old rate | New rate | Increase in repayments, $500K |
Lowest variable | 4.19% | 4.44% | $70 |
Discounted variable rate | 5.24% | 5.49% | $74 |
Standard variable rate | 6.64% | 6.89% | $79 |
ANZ savings changes – effective 12 October
Account type | Old max rate | New max rate | Change% points |
Plus Save | 3.00% | 3.25% | +0.25% |
Progress Saver | 1.65% | 1.65% | No change |
Online Saver | 1.55% for 3 months then 0.60% | 1.55% for 3 months then 0.60% | No change |
Westpac
Westpac variable rates for owner-occupiers – effective 18 October
Rate type | Old rate | New rate | Increase in repayments, $500K |
Lowest variable | 3.99% for 2yrs then 4.39% | 4.24% for 2yrs then 4.64% | $69 |
Discounted variable rate | 5.44% | 5.69% | $75 |
Standard variable rate | 6.73% | 6.98% | $79 |
Westpac savings changes – effective 18 October
Account type | Old max rate | New max rate | Change |
Life | 2.35% | 2.60% | 0.25% |
Bump (ages under 18) | 2.35% | 2.35% | No change |
Spend&Save (ages 18-29) | 3.50% | 3.75% | 0.25% |
eSaver | 2.30% for 5mths then 0.85% | 2.55% for 5mths then 0.85% | 0.25% for 5 months then no change |
NAB
NAB variable rates for owner-occupiers – effective 14 October
Rate type | Old rate | New rate | Increase in repayments, $500K |
Lowest variable | 4.24% | 4.49% | $70 |
Discounted variable rate | 5.92% | 6.17% | $76 |
Standard variable rate | 6.77% | 7.02% | $79 |
Current NAB savings rates – no changes announced
NAB | Max rate |
Reward Saver | 2.25% |
iSaver | 2.30% for 4 months then 0.85% |
* All charts sourced from RateCity.com.au. Repayments are for an owner-occupier paying principal and interest with a $500,000 loan over 25 years.
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