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CBA and ANZ announce RBA hikes
CBA and ANZ have followed Westpac and NAB, announcing they will pass on today’s 0.25 percentage point RBA hike in full to their variable mortgage customers.
Australia’s biggest bank has also announced it will increase the rates on its most popular savings accounts, in most cases by more than the 0.25 percentage point RBA hike.
ANZ, however, has only committed to hiking just one of its savings rates, leaving the bulk of its savings customers out in the cold with no changes announced to its most popular accounts.
CBA CHANGES
Mortgages: variable rate changes for owner-occupiers – effective 14 October
| 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 |
Source: RateCity.com.au. Repayments are for an owner-occupier paying principal and interest with a $500,000 loan over 25 years. An LVR of 70% applies to CBA’s lowest variable rate.
CBA savings rate changes – effective 14 October
| 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% |
Source: RateCity.com.au. Note: conditions and balance caps apply for maximum rate on select accounts.
ANZ CHANGES
ANZ variable rates for owner-occupiers – effective 14 October
| 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 |
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%.
ANZ savings changes – effective 12 October
| 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 |
Source: RateCity.com.au. Note: conditions and balance caps apply for maximum rate on select accounts.
Macquarie Bank also increases savings rates above the RBA’s 0.25% hike
Macquarie Bank has also gone above and beyond the RBA’s hike for its savers.
The bank has committed to increasing the ongoing rate on both its transaction and savings accounts by 0.45 percentage points to 3.20 per cent, effective 14 October. The introductory rate on its saving account will rise to 4.00 per cent for the first four months from 6 October.
Macquarie will also increase its variable home loan rates by 0.25 percentage points, effective 14 October.
Macquarie Bank transaction and savings account changes
| Old max rate | New max rate | Change % points | |
| Savings Account | 3.70% for 4 mths then 2.75% | 4.00% for 4 mths then 3.20% | +0.30% for 4 mths then +0.45% |
| Transaction Account | 2.75% | 3.20% | +0.45% |
Source: RateCity.com.au. Note: conditions and balance caps apply for maximum rate on select accounts.
RateCity.com.au research director, Sally Tindall, said: “CBA has done right by its savings customers this month, hiking rates across the board, in many cases above what the RBA has prescribed.”
“CBA has stepped up for its existing customers, but is also in the market for new ones. The bank has hiked the introductory rate on its Netbank Saver by a mammoth 0.70 percentage points, to a maximum of 3 per cent. While this rate only lasts for five months, it’s likely to get more deposits in the door,” she said.
“For two months in a row, CBA has increased some savings rates by more than the RBA hikes but even after this, most of their savings accounts fall short of the current cash rate.
“Macquarie Bank has also put sizeable hikes on the table for its savers this month. Customers will soon earn ongoing rates of up to 3.20 per cent on their transaction and savings accounts, while new savers can get rates as high as 4 per cent in the first four months of joining.
“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.
“ANZ has decided to hike its new Save account, to a competitive 3.25 per cent, however, the bank has once again failed to pass on any hikes to its two main savings accounts, at this stage,” she said.
Disclaimer
This article is over two years old, last updated on October 5, 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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