CBA, ANZ, NAB, Westpac customers hit with rate hike

Australian money and logos for NAB, Westpac, CBA and ANZ.
NAB, Westpac, CBA and ANZ have all passed on the full rate hike to borrowers. (Source: Getty)

The Reserve Bank of Australia (RBA) hiked the official cash rate yesterday and the Big Four banks, CBA, ANZ, NAB and Westpac, haven’t hesitated in passing the change on to customers.

All four of the big banks announced yesterday they would pass on the full 0.25 per cent increase to borrowers, but not all savers are set to benefit.

CBA and Macquarie bank decided on a widespread lift in savings rates while ANZ and NAB left most customers out in the cold, RateCity.com.au research director Sally Tindall said.

“Let’s hope these solid savings announcements from CBA and Macquarie push ANZ and NAB, in particular, back to the drawing board to re-think their rate decisions,” Tindall said.

Here’s a breakdown of what changes your bank has made*.

Commonwealth Bank

Mortgages: variable rate changes for owner-occupiers – effective 14 October

Rate type

Old rate

New rate

Increase in repayments, $500K

Lowest variable

4.19%

4.44%

$70

Discounted variable rate

6.10%

6.35%

$77

Standard variable rate

6.80%

7.05%

$79

CBA savings rate changes – effective 14 October

Account type

Old max rate

New max rate

Change% points

Goal Saver

2.10%

2.40%

+0.30%

Netbank Saver

2.30% for 5 mths, then 0.85%

3.00% for 5 mths, then 1.10%

+0.70 for 5 mths then +0.25%

Youth Saver

2.30%

2.60%

+0.30%

ANZ

ANZ variable rates for owner-occupiers – effective 14 October

Rate type

Old rate

New rate

Increase in repayments, $500K

Lowest variable

4.19%

4.44%

$70

Discounted variable rate

5.24%

5.49%

$74

Standard variable rate

6.64%

6.89%

$79

ANZ savings changes – effective 12 October

Account type

Old max rate

New max rate

Change% points

Plus Save

3.00%

3.25%

+0.25%

Progress Saver

1.65%

1.65%

No change

Online Saver

1.55% for 3 months then 0.60%

1.55% for 3 months then 0.60%

No change

Westpac

Westpac variable rates for owner-occupiers – effective 18 October

Rate type

Old rate

New rate

Increase in repayments, $500K

Lowest variable

3.99% for 2yrs then 4.39%

4.24% for 2yrs then 4.64%

$69

Discounted variable rate

5.44%

5.69%

$75

Standard variable rate

6.73%

6.98%

$79

Westpac savings changes – effective 18 October

Account type

Old max rate

New max rate

Change

Life

2.35%

2.60%

0.25%

Bump (ages under 18)

2.35%

2.35%

No change

Spend&Save (ages 18-29)

3.50%

3.75%

0.25%

eSaver

2.30% for 5mths then 0.85%

2.55% for 5mths then 0.85%

0.25% for 5 months then no change

NAB

NAB variable rates for owner-occupiers – effective 14 October

Rate type

Old rate

New rate

Increase in repayments, $500K

Lowest variable

4.24%

4.49%

$70

Discounted variable rate

5.92%

6.17%

$76

Standard variable rate

6.77%

7.02%

$79

Current NAB savings rates – no changes announced

NAB

Max rate

Reward Saver

2.25%

iSaver

2.30% for 4 months then 0.85%

* All charts sourced from RateCity.com.au. Repayments are for an owner-occupier paying principal and interest with a $500,000 loan over 25 years.

Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.