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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 17 March.
The bank is also lifting its three main savings accounts on 17 March, however, the Goal Saver will only rise by 0.15 percentage points.
CBA’s new lowest variable rates for new customers – effective 17 March
| Old lowest rate | New lowest rate | Increase in repayments, $500K | |
| Basic variable | 5.22% | 5.47% | $74 |
| Discounted variable rate | 5.07% | 5.32% | $73 |
| Index rate | 7.80% | 8.05% | $82 |
Source: RateCity.com.au. Repayments are for an owner-occupier paying principal and interest with a $500,000 debt and 25 years remaining. LVR requirement apply.
CBA savings changes – effective 17 March
| Old max rate | New max rate | Change % points | |
| Goal Saver | 4.00% | 4.15% | +0.15 |
| Net Bank Saver | 4.00% for 5 months then 1.60% | 4.25% for 5 months then 1.85% | +0.25 |
| YouthSaver | 4.00% | 4.25% | +0.25 |
Source: RateCity.com.au. Note: conditions and balance caps apply for maximum rate on select accounts.
STATE OF PLAY – how the big four banks now stack up
Home loans: new big four bank lowest advertised rates
| Bank | Basic rate | Discounted variable | Standard variable |
| CBA | 5.47% | 5.32% | 8.05% |
| Westpac | 5.14% for 2 yrs then 5.54% | 6.69% | 7.98% |
| NAB | 5.49% | 7.17% | 8.02% |
| ANZ | 5.34% | 6.49% | 7.89% |
Source: RateCity.com.au. Based on an owner-occupier paying principal and interest. LVR or loan size requirements may apply to qualify.
Savings: what have each of the big four banks announced?
Source: RateCity.com.au.
Big four bank savings account rates – May 2022 to March 2023
| BONUS SAVERS | |||||
| Account | 1-May-22 | After March hike | Increase % points | Conditions for max rate | |
| CBA GoalSaver | 0.25% | 4.15% | 3.90% | Grow balance each mth | |
| Westpac Life | 0.25% | 4.25% | 4.00% | Grow balance each mth | |
| NAB Reward Saver | 0.25% | 4.25% | 4.00% | 1 deposit, no withdraw / mth | |
| ANZ Progress Saver | 0.15% | 3.50% | 3.35% | $10+ dep, no withdraw/mth | |
| ONLINE SAVERS | |||||
| Existing customer rates | |||||
| Account | 1-May-22 | After March hike | Increase % points | Intro rate and conditions | |
| CBA NetBank Saver | 0.05% | 1.85% | 1.80% | 4.25% for 5 mths. No conditions. | |
| Westpac eSaver | 0.05% | 1.10% | 1.05% | 4.25% for 5 mths. No conditions. | |
| NAB iSaver | 0.05% | 1.60% | 1.55% | 4.25% for 4 mths. No conditions. | |
| ANZ Online Saver | 0.05% | 0.85% | 0.80% | 2.65% for 3 mths. No conditions. | |
| OTHER | |||||
| Account | 1-May-22 | After March hike | Increase % points | Intro rate and conditions | |
| Westpac Spend&Save
(18-29 yrs) | 2.00% | 4.70% | 2.70% | Grow bal each mth. 5+ purchases on linked bank account. | |
| ANZ Plus Save (15 yrs+) | 0.50% | 4.25% | 3.75% | None | |
Source: RateCity.com.au.
RateCity.com.au research director, Sally Tindall, said: “CBA has passed on full hikes to two of its three main savings accounts, but fallen agonisingly short on its Goal Saver account.”
“These customers will only be getting a partial hike, with just a 0.15 percentage point rise,” she said.
“This is a surprising move from Australia’s biggest bank as it puts their highest savings rate behind the other big four.
“While a difference of 0.10 percentage points isn’t likely to push existing customers away in droves, the bank could miss out on new business from savers chasing competitive rates.
“Currently, the highest ongoing savings rate for all adults is 4.85 per cent, while young adults can get rates up to 5.15 per cent. These could inch even higher once the market leaders declare their hand.
“Meanwhile for borrowers, this tenth rate hike will be unwelcome news for households across the country already struggling to make ends meet.
“These seemingly never-ending rate hikes are starting to rattle some families, who have already made every single cut back they can possibly think of and don’t know where to turn next.
“If you don’t think you can make these higher repayments, pick up the phone and tell your bank as soon as you can.
“It’s a conversation you probably never wanted to have with your bank, but the sooner make the call, the more options you’re likely to have,” she said.
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Product database updated 19 Nov, 2024
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