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- NAB and ANZ play follow the leader hiking for home loans, but staying ‘mum’ on savings accounts
NAB and ANZ play follow the leader hiking for home loans, but staying ‘mum’ on savings accounts
NAB and ANZ have both announced they are passing on the RBA rate hike, in full, to their variable rate mortgage customers, effective 17 June.
NAB variable rates for owner-occupiers – impact of 0.50% hike
Calculations are based on a $500,000, 25-year loan
| Old rate | New rate | Increase in repayments, $500K | |
| Standard variable | 4.77% | 5.27% | $145 |
| Discounted variable | 3.92% | 4.42% | $139 |
| Lowest variable | 2.44% | 2.94% | $127 |
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 17 June.
ANZ variable rates for owner-occupiers – impact of 0.50% hike
Calculations are based on a $500,000, 25-year loan
| Old rate | New rate | Increase in repayments, $500K | |
| Index rate | 4.64% | 5.14% | $144 |
| Discounted variable | 3.24% | 3.74% | $134 |
| Lowest variable | 2.29% | 2.79% | $126 |
Source: RateCity.com.au. Repayments are for an owner-occupier paying principal and interest with a $500,000 loan over 25 years. Lowest variable rate is for an LVR of up to 70%. New rates effective 17 June.
Savings rates remain under review
NAB and ANZ have moved in lock step with their big bank competitor, Westpac, by not announcing any changes to their savings accounts at this stage, with NAB confirming it would not increase the rates on its popular iSaver or Reward Saver accounts this time. Instead, they have both hiked one term deposit account to a rate of 2.25 per cent.
NAB’s term-deposit special is a 12-month rate, effective 17 June. ANZ’s term deposit rate is for 11 months, effective 13 June.
RateCity.com.au research director, Sally Tindall, said: “NAB and ANZ have both followed the pack and hiked their variable mortgage rates by the full half a percentage point.”
“It’s becoming a game of ‘Simon says’ among three of the big four banks. They’ve hiked in full for their variable rate borrowers, but they’ve passed nothing onto their savers as yet,” she said.
“NAB has at least fessed up to the fact it’s not passing on any part of the double hike to its Reward Saver and iSaver customers. However, its other savings rates remain under review.
“This means CBA is the only big bank that has declared its full hand, by revealing what it’s passing on to savers.
“CBA has done the right thing by passing on the full hike to two of its popular savings accounts and, while Australia’s biggest bank isn’t passing the hike on to every single savings customer, at least the bank hasn’t left them hanging.
“NAB and ANZ savings customers should call their banks and ask what they intend to do with their deposit rates. The more fuss customers kick up, the more likely the bank will be to pass on at least something to these savers.
“All big four banks are now offering a term deposit special at 2.25 per cent as a band-aid solution to savers’ ongoing rate woes. However, the restrictions of a term deposit aren’t likely to suit many savers.
“People looking for a competitive term deposit rate should know there are better deals out there. Analysis from RateCity.com.au shows there are 8 banks offering higher 12-month term deposit rates, the highest being 2.90 per cent from AMP, Firstmac and Goldfields Money,” she said.
Big four bank responses to RBA 0.25% hike so far
| Variable mortgage hikes | New lowest variable rate | Savings hikes | Term deposit special | Effective date | |
| CBA | 0.50% | 2.94% | 0.50% for Goal & Youthsaver accounts | 2.25% for 18 mths already in effect | 17 June |
| Westpac | 0.50% | 2.59% for 2 yrs then 2.99% | None at this stage | 2.25% for 12 mths effective 9 June | 21 June |
| NAB | 0.50% | 2.94% | None at this stage | 2.25% for 12 mths effective 17 June | 17 June |
| ANZ | 0.50% | 2.79% | None at this stage | 2.25% for 11 mths effective 13 June | 17 June |
Source: RateCity.com.au. Lowest rates are for owner-occupiers paying principal and interest. LVR requirements apply.
Disclaimer
This article is over two years old, last updated on June 8, 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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