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ANZ hikes new customer variable rates for the 3rd time in 5 months
Australia’s fourth largest lender, ANZ, has today increased the rate on its basic variable home loan by up to 0.15 percentage points for new customers.
This is the third time the bank has increased the advertised rate on its Simplicity Plus loan for new customers in the last five months, in addition to the standard RBA hikes. Existing customers are not impacted.
As a result, the lowest advertised variable rate for new customers taking out ANZ’s Simplicity Plus loan has risen by 1.10 percentage points since 1 March 2023, while existing customers have seen their rates rise by 0.75 percentage points – that’s 0.35 percentage points extra for new customers.
Changes to ANZ’s Simplicity Plus – new customers only
For owner-occupiers paying principal and interest – contact us for other variations
| Deposit size | Old rate | New rate | Change % pts |
| 40% or more | 6.04% | 6.19% | +0.15 |
| 30% or more | 6.09% | 6.24% | +0.15 |
| 20% or more | 6.19% | 6.29% | +0.10 |
| 10% or more | 6.79% | 6.89% | +0.10 |
| Less than 10% | 7.19% | 7.29% | +0.10 |
Source: RateCity.com.au. Rates are for owner-occupiers paying principal and interest.
The big four banks collectively have now increased at least one advertised new customer rate on 18 occasions since 1 March 2023.
Variable rate hikes from the big four banks since 1 March 2023
Note: these hikes are in addition to RBA increases
| Date | Bank | Loan | Change (in addition to RBA hikes) |
| 1-Mar 23 | CBA | Basic variable | up to 0.10% pts |
| 1-Mar + 10-Mar 23 | NAB | Basic variable | up to 0.20% pts |
| 25-Mar 23 | CBA | Basic variable | up to 0.70% pts |
| 28-Mar 23 | ANZ | Basic variable | up to 0.21% pts |
| 31-Mar 23 | CBA | Package loan | up to 0.20% pts |
| 13-April 23 | Westpac | Basic variable | 0.10% pts |
| 14-April 23 | CBA | Package loan | up to 0.12% pts |
| 21-April 23 | ANZ | Basic variable | up to 0.10% pts |
| 28-April 23 | NAB | Basic variable | up to 0.05% pts |
| 12-May 23 | CBA | Basic + package | up to 0.10% |
| 23-May 23 | NAB | Basic variable | up to 0.10% pts |
| 24-May 23 | CBA | Package loan | up to 0.10% pts |
| 16-June 23 | CBA | Basic variable | up to 0.10% |
| 23-June 23 | CBA | Package loan | up to 0.10% pts |
| 23-June 23 | Westpac | Basic variable | 0.15% pts |
| 14 July 23 | CBA | Basic variable | up to 0.07% pts |
| 27 July 23 | ANZ | Basic variable | up to 0.15% pts |
Source: RateCity.com.au
Big four banks new lowest advertised rates
| No offset | With offset | |
| CBA | 6.29% | 6.24%
+ $395 annual fee |
| Westpac | 5.99%
for 2 yrs then +0.4%pts | 7.19%
+$395 annual fee |
| NAB | 6.24% | 7.32%
+$8 / mth fee |
| ANZ | 6.19% | 6.99%
+$10 / mth fee |
Source: RateCity.com.au. Note: rates are for owner-occupiers paying principal and interest. Loan-to-value ratios apply.
RateCity.com.au research director, Sally Tindall, said: “ANZ has increased its lowest variable rate for the third time in less than five months in addition to the standard RBA hikes – but only for new customers.”
“As a result, an existing customer who took out ANZ’s lowest rate loan at the start of March is now paying 0.35 percentage points less than what a new customer will be offered today,” she said.
“Australia’s biggest banks are trying to put an end to the new customer discounting that previously dominated the market.
“In the last five months, the big four banks have collectively hiked new customer rates on 18 occasions in a bid to protect their profit margins, with other large lenders, such as Macquarie Bank following suit.
“That said, a number of smaller lenders continue to buck the trend in a bid to secure a bigger slice of the home lending pie.
“There are still a handful of lenders offering rates under 5.50 per cent, although in many cases customers will need a decent deposit to qualify.
“The anomaly in all of this is ANZ’s $4,000 cashback for refinancers. The bank might be walking away from new customer discounts but it’s willing to splash the cash upfront in a bid to steal customers away from its big bank rivals,” she said.
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Product database updated 19 Nov, 2024
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