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- ANZ and Westpac the next to announce full hikes to variable mortgage customers
ANZ and Westpac the next to announce full hikes to variable mortgage customers
ANZ and Westpac have today followed in NAB’s footsteps, announcing they will be passing on Tuesday’s cash rate hike to their variable mortgage customers in full.
ANZ’s rate increase will be effective on Friday 17 November, while Westpac’s rate rise will take effect on Tuesday 21 November.
So far NAB, ANZ, Westpac, ME Bank, BOQ and Virgin Money have announced full rate increases for variable mortgage customers.
ANZ’s lowest advertised variable rates for owner-occupiers – effective 17 November
| Old rate | New rate | |
| Basic variable | 6.19% | 6.44% |
| Variable with offset | 6.99% | 7.24% |
Source: RateCity.com.au. Rates are for owner-occupiers playing principal and interest. LVR requirements apply.
Westpac’s lowest advertised variable rates for owner-occupiers – effective 21 November
| Old rate | New rate | |
| Basic variable | 6.09% for 2 yrs then +0.40% pts% | 6.34% for 2 yrs then +0.40% pts% |
| Variable with offset | 7.19% | 7.44% |
Source: RateCity.com.au. Rates are for owner-occupiers playing principal and interest. LVR requirements apply.
What have ANZ and Westpac announced for savers?
ANZ is passing on the 0.25 percentage point hike to just one of its savings accounts – ANZ Plus Save – leaving its other savings accounts unchanged at this stage.
Meanwhile, Westpac has announced it will be passing on the full hike to its Life account, Bump account for kids, and the introductory rate on its eSaver account. No changes have been announced to its other savings rates.
ANZ’s savings changes – effective 16 November
| Old max rate | New max rate | Change % pts | |
| Progress Saver | 4.25% | None announced | - |
| Online Saver | 3.30% for 3 mths then 1.50% | None announced | - |
| ANZ Plus Save | 4.65% | 4.90% | +0.25 |
Source: RateCity.com.au. Note: conditions and balance caps apply for maximum rate on select accounts. Balances over $250,000 in ANZ’s Plus Save account attract lower rates.
Westpac’s savings changes – effective 17 November
| Old max rate | New max rate | Change % pts | |
| Life | 4.75% | 5.00% | +0.25 |
| eSaver | 4.75% for 5 mths then 1.10% | 5.00% for 5 mths then 1.10% | +0.25 on intro rate, no change to ongoing |
| Spend and Save | 5.20% | None announced | - |
| Bump | 4.75% | 5.00% | +0.25 |
Source: RateCity.com.au. Note: conditions and balance caps apply for maximum rate on select accounts.
RateCity.com.au research director, Sally Tindall, said: “Westpac, NAB and ANZ mortgage customers have around two weeks before they get hit with higher rates, however, banks typically take a couple of months before they debit this extra money out of customers’ accounts.”
“If your budget is tight, use this time to work out a way to inject relief into your finances so you can clear this extra cost. If you can’t, call your bank immediately for help,” she said.
“Westpac, NAB and ANZ have chosen to pass on this rate hike in full to every one of its variable mortgage customers, but the same can’t be said for its savers.
“Once again, the big banks are picking and choosing which savings accounts get a boost, and which miss out.
“There is no reason banks should be passing on rate hikes to variable home loan customers with one hand, and holding back the hike from some savers with the other.
“If your bank hasn’t announced an increase to your savings account, call them up and ask why.
“If they don’t have a decent answer, it could be time to rehome your savings account to a bank that values your business more,” she said.
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Product database updated 24 Nov, 2024
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