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Westpac, NAB and ANZ announce RBA hikes
Westpac, NAB and ANZ have all announced they will be passing on today’s 0.25 percentage point RBA hike in full to variable mortgage rates.
These increases will take effect on 16 December for NAB and ANZ, and 20 December for Westpac.
Westpac variable rates for owner-occupiers – effective 20 December
| Old rate | New rate | Increase in repayments, $500K | |
| Lowest variable | 4.49%
for 2yrs then 4.89% | 4.74%
for 2 yrs then 5.14% | $71 |
| Discounted variable rate | 5.94% | 6.19% | $76 |
| Standard variable rate | 7.23% | 7.48% | $81 |
Source: RateCity.com.au. See notes below.
NAB variable rates for owner-occupiers – effective 16 December
| Old rate | New rate | Increase in repayments, $500K | |
| Lowest variable | 4.74% | 4.99% | $72 |
| Discounted variable rate | 6.42% | 6.67% | $78 |
| Standard variable rate | 7.27% | 7.52% | $81 |
Source: RateCity.com.au. See notes below.
ANZ variable rates for owner-occupiers – effective 16 December
| Old rate | New rate | Increase in repayments, $500K | |
| Lowest variable | 4.59% | 4.84% | $72 |
| Discounted variable rate | 5.74% | 5.99% | $76 |
| Index rate | 7.14% | 7.39% | $80 |
Source: RateCity.com.au. Repayments are for an owner-occupier paying principal and interest with a $500,000 loan over 25 years.
What are the big banks doing for savers?
Westpac has announced it will increase the rates on two of its savings accounts, however, NAB and ANZ have not announced any changes to their savings rates at this stage.
Westpac savings changes – effective 16 December
| Old max rate | New max rate | Change | |
| Life | 3.50% | 3.75% | +0.25% |
| Spend&Save (ages 18-29) | 4.00% | 4.35% | +0.35% |
| eSaver | 3.50% for 5mths then 0.85% | 3.50% for 5mths then 0.85% | N/A |
| Bump (ages under 18) | 3.50% | 3.50% | N/A |
Source: RateCity.com.au. Note: conditions and balance caps apply for maximum rate on select accounts.
NAB savings changes – no changes announced
| Old max rate | New max rate | Change | |
| Reward saver | 2.75% | N/A | No change |
| iSaver | 3.50% for 4 mths then 1.10% | N/A | No change |
Source: RateCity.com.au. Note: conditions and balance caps apply for maximum rate on select accounts.
ANZ savings changes – no changes announced
| Old max rate | New max rate | Change | |
| Progress Saver | 2.25% | N/A | No change |
| Online Saver | 2.15% for 3 mths then 0.60% | N/A | No change |
| ANZ Plus Save | 3.50% | N/A | No change |
Source: RateCity.com.au. Note: conditions and balance caps apply for maximum rate on select accounts.
RateCity.com.au research director, Sally Tindall, said: “While Westpac is increasing its Life and Spend&Save accounts, existing customers with an eSaver account have missed out, at this stage.”
“Westpac eSaver customers are still only earning an ongoing rate of 0.85 per cent, which is laughable considering the cash rate has just hit 3.10 per cent,” she said.
“Westpac eSaver customers should consider making the switch to earn more than just peanuts on their nest egg.
“Frustratingly, NAB and ANZ have managed to announce hikes for their borrowers but not for their savers, opting to sit back and see what other banks do before making a decision.
“NAB and ANZ savings customers should put pressure on their bank to pass on this rate hike in full by sending them a tweet, an email or by picking up the phone. The more customers that make a fuss, the more likely these banks are to make the right decision for their savers.
“Let’s hope CBA steps up to the plate and announces hikes to every one of its savings account rates,” she said.
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Product database updated 19 Nov, 2024
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