Following the Reserve Bank’s decision to lift the OCR by 0.25 percentage points, all four big banks have announced that they will be passing the RBA hikes in full to their variable mortgage customers.
Westpac’s mortgage rates for new and existing customers will go up by 0.25 percentage points from Oct. 18; while variable mortgage rates for new and existing customers at NAB, CBA, and ANZ will also lift by 0.25 percentage points from Oct. 14.
RateCity.com.au showed in the table below the changes in Westpac’s and NAB’s variable rates for owner-occupiers.
|
|
|
Old rate
|
New rate
|
Increase in repayments, $500K
|
|---|---|---|---|---|
|
Westpac
New rates effective Oct. 18
|
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
|
|
|
NAB
New rates effective Oct. 14
|
Lowest variable
|
4.24%
|
4.49%
|
$70
|
|
Discounted variable rate
|
5.92%
|
6.17%
|
$76
|
|
|
Standard variable rate
|
6.77%
|
7.02%
|
$79
|
|
|
CBA
New rates effective Oct. 14
|
Lowest variable
|
4.19%
|
4.44%
|
$70
|
|
Discounted variable rate
|
6.10%
|
6.35%
|
$77
|
|
|
Standard variable rate
|
6.80%
|
7.05%
|
$79
|
|
|
ANZ
New rates effective Oct. 14
|
Lowest variable
|
4.19%
|
4.44%
|
$70
|
|
Discounted variable rate
|
5.24%
|
5.49%
|
$74
|
|
|
Standard variable rate
|
6.64%
|
6.89%
|
$79
|
Note: Repayments are for an owner-occupier paying principal and interest with a $500,000 loan over 25 years.
