CBA, Westpac, ANZ and NAB customers hit with home loan hikes
The Big Four banks have now announced hikes to their home loan rates. But it’s a mixed bag for savers.
Commonwealth Bank, Westpac, ANZ and NAB customers will be hit with higher home loan interest rates in the coming weeks.
All four major banks will increase their variable home loan rates by 0.25 per cent, in line with the Reserve Bank’s decision on Tuesday.
RateCity analysis found Aussies with a $500,000 home loan would be paying an extra $76 per month, while those on a $1 million loan would fork out an extra $152 per month on average.
Also read: RBA slams households: Mortgage repayments up $12,000
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It’s a mixed bag for savers, with CommBank, Westpac and ANZ announcing hikes to some savings accounts, while NAB savers have been left out in the cold.
RateCity research director Sally Tindall said it was disappointing NAB would not be passing on the increase to savers.
“NAB savings customers should not have to put up with this. Will they hike? Won’t they hike? If you’ve got your hard-earned cash in the bank, you want it to be upfront so you can make an informed decision,” Tindall said.
When are CBA, Westpac, ANZ and NAB hiking?
CommBank, ANZ and NAB will increase their variable home loan rates by 0.25 per cent from February 17, while Westpac’s changes will come into effect on February 21.
For savers, CommBank will increase its GoalSaver bonus rate by 0.75 per cent to 4.00 per cent, and its Youthsaver bonus rate by 0.50 per cent to 4.00 per cent from February 10.
Westpac will increase its Westpac Life total variable rate by 0.25 per cent to 4.00 per cent, and its eSaver rate by 0.25 per cent to 4.00 per cent for new customers - for the first five months only - from February 21.
Meanwhile, ANZ will pass on the 0.25 per cent to its Plus Save account, taking the total rate to 4.00 per cent, from February 14. However, the major bank will not increase rates on its popular Progress Saver and Online Saver accounts.
“The bank has all but given up on its Progress and Online Saver customers, so if you’ve got one of these accounts, it’s time to give up on the bank,” Tindall said.
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