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ANZ joins CBA and hikes home loan and some savings rates by 0.50%
ANZ has followed CBA and hiked variable rate mortgages by the full 0.50 percentage points.
The revised rates will be effective for both new and existing customers on 15 July.
ANZ variable rates for owner-occupiers – impact of 0.50% hike – effective 15 July
Calculations are based on a $500,000, 25-year loan
| Old rate | New rate | Increase in repayments, $500K | |
| Index Rate | 5.14% | 5.64% | $148 |
| Discounted variable | 3.74% | 4.24% | $138 |
| Lowest variable | 2.79% | 3.29% | $130 |
Source: RateCity.com.au. Repayments are for an owner-occupier paying principal and interest with a $500,000 loan over 25 years. Lowest variable rate is for an LVR of up to 70%. New rates effective 15 July.
What is ANZ doing for savers?
ANZ is raising the rate on its popular Progress Saver account by the full 0.50 percentage points, however, at this stage its Online Saver account rate is not going up.
The bank’s new ANZ Plus account, will increase by 0.50 percentage points to offer an ongoing savings rate of 2 per cent from 15 July.
ANZ is also introducing a new 11-month term deposit of 2.50 per cent, available from 11 July. Analysis from RateCity.com.au shows 20 banks are already offering term deposit rates of over 2.5 per cent on terms of 12 months or less.
ANZ savings changes – effective 15 July
| Old rate | New rate | Change | |
| Progress Saver
(max ongoing rate) | 0.65% | 1.15% | +0.50% |
| Online Saver | 0.40% for 3 months then 0.30% | 0.40% for 3 months then 0.30% | No change |
| ANZ Plus | 1.50% | 2.00% | +0.50% |
Source: RateCity.com.au. Note: conditions and balance caps apply for maximum rate on select accounts.
RateCity.com.au research director, Sally Tindall, said: “It’s no surprise to see the big banks pass the full RBA rate hike onto their mortgage customers.”
“Borrowers on variable rates need to prepare for more pain, as the RBA has indicated more hikes are on the way,” she said.
“Since the RBA started hiking, it has been a mixed bag for savers, with banks picking and choosing which account they increase each month.
“This time we’ve seen both CBA and ANZ so far hike their popular bonus savers but leave their online accounts untouched.
“ANZ’s new Plus account, which will soon offer a 2 per cent ongoing interest rate, without any tricky terms and conditions, is now one of the standouts.
“It’ll be interesting to see how the market leaders, including ING, BOQ and Virgin, which already offer savings rates of 2 per cent or more, will respond to this latest RBA hike.
“With plenty more rate hikes predicted to come in the coming months, savers need to keep an eagle eye on their account to make sure it’s still offering a decent interest rate,” she said.
Disclaimer
This article is over two years old, last updated on July 6, 2022. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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