The change will see 25 basis points added to the interest rates paid by ANZ variable rate home loan holders.
The lag between the RBA’s announcement and ANZ’s implementation would be consistent with its recent approach to cash rate changes, and aligns with timelines adopted by many major banks.
ANZ's lowest rate expected to rise to 5.75% p.a.
It’s expected that ANZ’s lowest advertised variable rate will rise from 5.50% p.a. (5.51% p.a. comparison rate*) to 5.75% p.a. – available on the app-based ANZ Plus home loan product to eligible refinancers.
For a borrower with a $500,000 loan over 30 years, that hike could lift monthly repayments by around $80 (depending on the borrower’s actual rate, term, and features).
“We know customers impacted by the rate increase will want to understand more about what this change means for them and their budgets,” ANZ Australia retail executive Pedro Rodeia said.
“If you’re feeling challenged, we encourage you to reach out early so we can work with you to create a plan that suits your situation.
"Our team is here to support you and help navigate these changes with confidence."
ANZ joins CommBank in announcing its intention to pass on the RBA increase to variable rate borrowers, in full.
It comes after the smallest big four bank lifted fixed rates by as much as 35 basis points in December , with the lowest fixed rate on offer at the bank 5.44$ p.a. (6.29% p.a. comparison rate*).
What could a rate hike mean for your wallet? Mortgage Repayment Calculator
What do ANZ mortgage borrowers need to do?
Variable rate ANZ home loan holders should keep an eye on how their repayments are handled after the rate change.
If repayments do not automatically adjust for a particular customer (for example, where payments are set manually), borrowers should ensure they’re meeting the new minimum repayment.
Those who choose not to adjust their repayments following last year’s cash rate cuts might find their repayments unchanged following Tuesday’s RBA decision.
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| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.29% p.a. | 5.33% p.a. | $2,773 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.19% p.a. | 5.10% p.a. | $2,742 | Principal & Interest | Variable | $0 | $0 | 80% |
| Disclosure | |||||||||||
5.39% p.a. | 5.43% p.a. | $2,805 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure |
Image created on Canva using assets from Maksym Kozlenko on Wikimedia Commons
Collections: ANZ Posts Collection Mortgage News RBA Cash Rates Interest Rates
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