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ANZ hikes mortgage rates and one savings rate

ANZ hikes mortgage rates and one savings rate

09 Mar, 2023 - 2 min read

ANZ has followed NAB and Westpac by announcing it will be increasing mortgage rates for new and existing variable borrowers by 0.25 percentage points.

The bank has, however, only announced an increase to just one of its savings rates – ANZ’s Plus Save – by 0.25 percentage points. ANZ’s Progress Saver and Online Saver remain unchanged and under review.

Both the home loan and savings changes are effective from 17 March.

ANZ new customer variable rates for owner-occupiers – effective 17 March

	Old rate	New rate	Increase in repayments, $500K
Lowest variable	5.09%	5.34%	$73
Discounted variable rate	6.24%	6.49%	$77
Index rate	7.64%	7.89%	$82

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 17 March

	Old max rate	New max rate	Change % points
Progress Saver	3.50%	3.50%	No change
Online Saver	2.65% for 3 months then 0.85%	2.65% for 3 months then 0.85%	No change
ANZ Plus Save	4.00%	4.25%	+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: “This is a disappointing announcement from ANZ for customers with a Progress Saver or Online Saver account.”

“While ANZ Plus Save customers will soon get an ongoing rate of 4.25 per cent, at this stage, existing customers with an Online Saver are getting just 0.85 per cent,” she said.

“ANZ can and should do better than these for these customers.

“People with a sub-standard savings rate should question their bank’s loyalty and consider whether they can do better elsewhere.

“This disparity in the highest and lowest savings rates, even within a bank, shows just how inequitable savings rates can be,” she said.

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This article was reviewed by Research Director Sally Tindall before it was published as part of RateCity's Fact Check process.

Laine Gordon

Money Editor

Laine Gordon is the Money Editor at RateCity and an experienced journalist and research specialist. With a background in news and feature writing, covering finance, media and even food (a passion of hers) at Reed Elsevier publications, Laine brings almost two decades of experience to the team. Having covered major areas of interest to the general public from hip pocket issues to rising and falling interest rates and the impact to mortgages, credit and saving in Australia, she is passionate about researching and telling people’s stories to help others make better decisions about their own finances.