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CBA announces RBA hikes: how the big four now stack up
CBA is the last of the big four banks to announce it will be passing on the 0.25 percentage point RBA hike to its variable mortgage customers, effective 16 December.
CBA variable rates for owner-occupiers – effective 16 December
| Old rate | New rate | Increase in repayments $500K | |
| Basic rate (70% LVR) | 4.62% | 4.87% | $72 |
| Discounted variable rate | 4.57% - 6.24% | 4.82% - 6.49% | $72 - $77 |
| Standard variable rate | 7.30% | 7.55% | $81 |
Source: RateCity.com.au. Discounted variable rate depends on the borrower’s loan-to-value ratio.
Big four banks – new advertised rates, post December RBA
| Basic variable | Discounted variable | Standard variable | |
| CBA | 4.87% | 4.82% - 6.49% | 7.55% |
| Westpac | 4.74% for 2 years then 5.14% | 6.19% | 7.48% |
| NAB | 4.99% | 6.67% | 7.52% |
| ANZ | 4.84% | 5.99% | 7.39% |
Source: RateCity.com.au. Note: CBA’s discounted variable rate depends on the borrower’s loan-to-value ratio. Basic loan rates are for the lowest advertised rates from each bank. LVR requirements apply.
Australia’s biggest bank has also announced hikes for all key savings accounts, which, in the majority of cases, are higher than the RBA’s 0.25 percentage point hike.
CBA savings changes – effective 16 December
| Old max rate | New max rate | Change % points | |
| Goal Saver | 2.70% | 3.25% | +0.55% |
| Netbank Saver | 3.50% for 5 mths then 1.35% | 3.75% for 5 mths then 1.60% | +0.25% |
| Youth Saver | 2.90% | 3.50% | +0.60% |
Source: RateCity.com.au. Note: conditions and balance caps apply for maximum rate on select accounts.
Big four bank savings hikes - what’s been announced so far
Source: RateCity.com.au.
Big four banks savings rates post Dec rate announcements
| Bank | Bonus saver (max ongoing rate) | Online saver | Other |
| CBA | 3.25% | 3.75% for 5 mths then 1.60% | - |
| Westpac | 3.75% | 3.50% for 5 mths then 0.85% | Spend&Save – 4.35% (ages 18-29) |
| NAB | 2.75% | 3.50% for 4 mths then 1.10% | - |
| ANZ | 2.25% | 2.15% for 3 mths then 0.60% | Plus Save – 3.50% |
Source: RateCity.com.au. Conditions for max rate apply. New rates effective 16 December
RateCity.com.au research director, Sally Tindall, said: “CBA has gone above and beyond this month with hikes to all key savings accounts, many of which are more than what the RBA prescribed.”
“It’s fantastic to see Australia’s biggest bank leading the way with regards to savings hikes, because it will force others to follow in its footsteps,” she said.
“Currently, the highest ongoing savings rate for all adults is 4.30 per cent, however, this could lift to over 4.50 per cent, if the market leaders pass on full hikes.
“Borrowers on the blunt end of this rate hike will be bracing for more rate pain when this latest increase hits their bank accounts.
“While some homeowners will be able to take this eighth rate hike on the chin, others will be wondering where on earth the money will come from.
“If you don’t know how the budget is going to add up, send out an SOS as soon as you can.
“The earlier you put your hand up for help, the more options you’re likely to have,” she said.
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Product database updated 19 Nov, 2024
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