Big banks NAB, ANZ, and CBA have announced that they will be passing the latest 0.25-percentage-point Reserve Bank hike in full to variable mortgage rate customers, following a similar move from Westpac.
The rate changes will take effect on Dec. 16 for NAB, ANZ, and CBA.
RateCity.com.au compiled the variable rate changes for NAB and ANZ customers. See table below:
|
|
Old rate
|
New rate
|
Increase in repayments, $500K
|
|---|---|---|---|
|
NAB
|
|
|
|
|
Lowest variable
|
4.74%
|
4.99%
|
$72
|
|
Discounted variable rate
|
6.42%
|
6.67%
|
$78
|
|
Lowest variable
|
4.74%
|
4.99%
|
$72
|
|
ANZ
|
|
|
|
|
Lowest variable
|
4.59%
|
4.84%
|
$72
|
|
Discounted variable rate
|
5.74%
|
5.99%
|
$76
|
|
Index rate
|
7.14%
|
7.39%
|
$80
|
|
CBA
|
|
|
|
|
Lowest variable
|
4.62%
|
4.87%
|
$72
|
|
Discounted variable rate
|
4.57% – 6.24%
|
4.82% – 6.49%
|
$72-$77
|
|
Index rate
|
7.3%
|
7.55%
|
$81
|
Note: Repayments are for an owner-occupier paying principal and interest with a $500,000 loan over 25 years.
“Borrowers on the blunt end of this rate hike will be bracing for more rate pain when this latest increase hits their bank accounts,” said Sally Tindall, RateCity.com.au research director. “While some homeowners will be able to take this eighth rate hike on the chin, others will be wondering where on earth the money will come from. If you don’t know how the budget is going to add up, send out an SOS as soon as you can. The earlier you put your hand up for help, the more options you’re likely to have.”
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