ANZ follows in CBA’s footsteps – hikes by 0.25% for variable borrowers

Australia’s fourth largest lender, ANZ, has tonight announced it will pass on the cash rate hike in full to its variable rate mortgage customers, effective 13 May 2022.

ANZ variable rates for owner-occupiers paying principal and interest

Calculations are based on an existing customer, 5 years in to a 30-year loan.

Source: RateCity.com.au. Repayments are for an owner-occupier paying principal and interest with a $500,000 loan over 25 years. An LVR of 70% applies to ANZ’s lowest variable rate.

Like CBA, ANZ has not indicated what it will pass on to its savings customers.

RateCity research director, Sally Tindall said: “ANZ has matched CBA and hiked in line with the RBA.”

“It now looks increasingly likely that Westpac and NAB will follow suit,” she said.

“Both CBA and ANZ have not yet indicated what they intend to do with their deposit rates, and that could spell bad news for savers.

“Competition is still strong in the variable mortgage market, with Homestar Finance today announcing it will keep its lowest rate for new customers of 1.79 per cent unchanged. Reduce Home Loans has also said it will offer at least one variable rate under 2 per cent.

“It’s possible more lenders will keep at least one variable rate under 2 per cent, however, they are likely to only be available to new customers.

Find out who has moved at RateCity.com.au’s RBA rate tracker

CBA hikes: CBA variable rates for owner-occupiers paying principal and interest

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