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Savers left out in the cold as NAB & ANZ finally announce home loan hikes
Australia’s third and fourth largest banks, NAB and ANZ, have this afternoon announced they are passing on the full RBA hike to variable mortgages.
The announcements come three days after the RBA increased the cash rate to 2.35 per cent.
There’s no word yet from the country’s two biggest banks, CBA and Westpac.
Disappointingly, neither NAB or ANZ have so far announced any savings rate changes, despite the cash rate going up by 0.50 percentage points.
NAB savings rates analysis:
- NAB’s maximum Reward Saver rate is 1.75% - 0.60% points below the cash rate.
- NAB’s iSaver rate for existing customers is 0.85% - 1.5% points below the cash rate and 2.75% points lower than the current market leader.
ANZ savings rates analysis:
- ANZ’s maximum Progress Saver rate is 1.65% - 0.70% points below cash rate.
- ANZ’s Online Saver rate for existing customers is 0.60% - 1.75% points below the cash rate and 3.00% points lower than current market leader.
- ANZ’s PLUS Save account is 2.70% - 0.35% points above the cash rate.
NAB home loan hikes
From next Friday, NAB’s variable home loan rates for new and existing customers will go up by 0.50 percentage points. As a result, NAB’s lowest variable rate will rise to 4.24 per cent.
NAB variable rate changes for owner-occupiers – effective 16 September
| Old rate | New rate | Increase in repayments, $500K | |
| Lowest variable | 3.74% | 4.24% | $138 |
| Discounted variable rate | 5.42% | 5.92% | $150 |
| Standard variable rate | 6.27% | 6.77% | $156 |
Source: RateCity.com.au. Repayments are for an owner-occupier paying principal and interest with a $500,000 loan over 25 years. New rates effective 16 September 2022.
ANZ home loan hikes
ANZ will also hike its variable home loan rates for new and existing customers by 0.50 percentage points next Friday, taking its lowest variable rate to 4.19 per cent.
ANZ variable rate changes for owner-occupiers – effective 16 September
| Old rate | New rate | Increase in repayments, $500K | |
| Lowest variable | 3.69% | 4.19% | $137 |
| Discounted variable rate | 4.74% | 5.24% | $145 |
| Standard variable rate | 6.14% | 6.64% | $155 |
Source: RateCity.com.au. Repayments are for an owner-occupier paying principal and interest with a $500,000 loan over 25 years. New rates effective 16 September 2022.
RateCity.com.au research director, Sally Tindall, said: “It’s hard to understand why it’s taken ANZ and NAB three days to make their interest rate announcements following the RBA decision on Tuesday,” she said.
“The banks have shown us in the past they’re highly capable of making these decisions within hours, not days,” she said.
“The concern is, savings customers with ANZ and NAB will miss the news their bank isn’t passing on the rate hike to them at this stage.
“The millions of ANZ and NAB customers with savings accounts should pick up the phone and ask their bank to do the right thing and pass this hike on in full.
“A flood of angry savings customers might be the push NAB and ANZ need to re-think their rates.
“Let’s just hope when CBA and Westpac do make their announcements, they include full hikes for all of their savings customers,” she said.
Disclaimer
This article is over two years old, last updated on September 9, 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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