ANZ home loan rate hike puts end to rates starting with a '4'

ANZ is the first of the big four banks to announce it will pass on today’s 0.25 percentage point RBA hike in full to its variable mortgage rate, taking its lowest variable rate to 5.09 per cent.

ANZ’s higher mortgage rates will be effective for both new and existing customers on 17 February.

ANZ variable rates for owner-occupiers – effective 17 February

Source: RateCity.com.au. Repayments are for an owner-occupier paying principal and interest with a $500,000 debt and 25 years remaining. Lowest variable rate is for a loan-to-value ratio of up to 70%. New rates effective 17 February 2022.

What is ANZ doing for savers?

ANZ has announced it will pass on the full 0.25 percentage point increase to its ANZ Plus Save account, taking the rate to 4 per cent from 14 February.

However, the bank has once again left the rates on its popular Progress Saver and Online Saver accounts unchanged.

ANZ savings changes – effective 14 February

Source: RateCity.com.au. Note: conditions and balance caps apply for maximum rate on select accounts. New rates effective 14 February 2022.

RateCity.com.au research director, Sally Tindall, said: “ANZ is the first big bank off the blocks to announce it will pass on the RBA’s 0.25 percentage point hike in full to home loan customers.”

“This ninth hike means the bank will no longer have a mortgage rate starting with a 4,” she said.

“While ANZ is dishing out the full RBA hike to its variable home loan borrowers, once again many of its savers are being left out in the cold.

“The bank has all-but given up on its Progress and Online savings customers in favour of its new platform, ANZ Plus, rewarding those customers with the full RBA increase.

“If you’re one of the millions of Australians with a big four bank online savings account, call, email or tweet your bank and ask them why you’re still only getting a rate under 1 per cent,” she said. 

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