The Reserve Bank of Australia decided to lift the cash rate by 25bps to 2.85% this month and major banks are expected to follow suit by raising their variable rates for both mortgages and savings accounts.
Here’s how each of the big four banks responded to the latest RBA rate hike.
NAB: First to respond
NAB is the first of the big banks to respond to the latest rate hike, increasing their standard variable home loan rate by 25bps starting 11 November 2022.
NAB group executive for personal banking Rachel Slade encouraged borrowers who are finding the recent rate increases a challenge to reach out to the bank for assistance.
“At NAB, we have dedicated financial counsellors who listen to each customer’s individual situation and are able to offer tailored solutions - whether that be a reduced payment arrangement, payment break or restructuring their loan,” she said.
“The results speak for themselves – when a customer gets in touch with NAB Assist at the early stages of their concerns about their finances, we’re able to get 90% back on their feet within 90 days.”
No news yet on NAB’s savings and term deposit rates but the bank said savings products are continually under review.
Over the past month, NAB has increased the rate of its savings product by 25bps while the rate for its iSave intro was increased by 70bps. Meanwhile, NAB boosted its term deposit rates by 70bps.
How to contact NAB: Through the NAB app or by speaking to a home loan specialist by calling 13 78 79.
CommBank hikes home loan, savings rates
CommBank will be raising its standard variable interest rates by 25bps on 11 November.
It will also be lifting the interest rates across some of its savings products:
- NetBank Saver standard variable interest rate will increase by 0.25% p.a. to 1.35% p.a. The 5-month introductory variable rate will increase by 0.50% p.a. to 3.50% p.a..
- GoalSaver with bonus interest rate will increase by 0.30% p.a. to 2.70% p.a..
- Youthsaver with bonus interest rate will increase by 0.30% p.a. to 2.90% p.a.
These savings rates changes will take effect on 11 November.
CommBank will also increase a number of Term Deposit interest rates, including its 12-month Term Deposit by 40bps to 3.75% p.a., effective 7 November.
How to contact CommBank: Through the CommBank app or by calling 13 2221.
Westpac adopts the full rate hike
Westpac will be rolling out changes to both its home loan and savings products.
For deposit customers:
- Westpac Life total variable rate with bonus interest will increase by 0.90% p.a. to 3.50% p.a., effective 9 November.
- Westpac eSaver total variable rate will increase by 0.95% p.a. to 3.50% p.a. for new customers for the first five months, effective 9 November.
- Customers will be able to access a new Term Deposit offer of 3.75% p.a. for 12 to 23 months, effective 4 November.
For home loan customers:
- Home loan variable interest rates will increase by 0.25% p.a. for new and existing customers, effective 15 November.
How to contact Westpac: Customers can call Westpac Customer Care on 132 032 or visit their local branch.
ANZ last to announce rate changes
ANZ will be rolling out 25bps rate increase on its home loan and savings products.
For home loans, variable rates will increase starting 11 November.
Meanwhile, the bank will be increasing the rate available to savings customers on the ANZ Plus Save account for balances less than $250,000 to 3.50% p.a., effective 10 November.
On top of this, ANZ will offer a new 12-month and 18-month Advance Notice term deposit rate of 4.00%pa, effective Friday 4 November.
How to contact ANZ: Customers can contact their local ANZ Mobile Lender, log on to anz.com, or call 13 13 14.
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