ANZ, CommBank and NAB followed Westpac’s move in passing the full rate hike by the Reserve Bank of Australia (RBA).


ANZ is hiking its variable interest rate by 50bps.

Customers will be able to see their new interest rates on the ANZ mobile application or internet banking starting 17 June.

ANZ group executive for Australia retail Maile Carnegie said along with the variable rate increase comes a new rate for the bank's 11-month Advance Notice term deposit of 2.25%pa effective Monday 13 June.

"ANZ is here to help and for customers seeking more information about how to manage their finances, we have a number of ways to support them, including a free home loan check-in that can help them reorganise their loan so it continues to meet their needs," she said.

“Many of our customers remain in good financial condition to manage rate rises with about 70 per cent ahead on repayments. A large number of them have built up buffers after not changing their repayments when rates reduced over several years."


CBA will be raising its standard variable rates by 50bps. The changes below will take effect on 17 June 2022:

Variable Rate Category

New Standard Rate

Owner Occupier Principal and Interest

5.30% p.a

Investor Principal and Interest

5.88% p.a.

Owner Occupier Interest Only

5.79% p.a.

Owner Occupier Interest Only

6.14% p.a.

CBA group executive for retail banking Angus Sullivan said the bank will be supporting Australian households who may be concerned about their home loan repayments.

“We encourage customers to contact us to discuss the options available to them including ensuring offset accounts are set up and linked to their eligible home or investment loan,” he said.

In addition to the increase in variable rates, CBA will be rolling out 50-bps increases to some of its savings products:

  • GoalSaver bonus interest rate will increase by 0.50% p.a. to 0.75% p.a.
  • Youthsaver bonus interest rate will increase by 0.50% p.a. to 0.95% p.a.

“It has been a challenging time for many savers who have experienced a long period of record low interest rates. We hope these changes provide some much needed support for our customers looking to save,” Mr Sullivan said.

Furthermore, CBA will be extending the availability of its 18-month Term Deposit special offer of 2.25% p.a.


NAB will also raise their variable rates by 50bps starting 17 June 2022.

With this change, owner-occupier customers paying principal and interest on a 30-year $400,000 mortgage under NAB’s Choice package will have to pay an additional $116 per month on their repayments.

NAB group executive for personal banking Rachel Slade said the bank is ready to support its 930,000 home loan customers.

“The cost of living is also increasing and our message to any of our customers who may be concerned is that we are here to help,” she said.

“We also have many savings and deposits customers and acknowledge that historic low interest rates have been difficult for them.”

NAB will be offering a 12-month Term Deposit interest rate of 2.25% to support customers with their savings.

“There was a spike in the number of customers making lending support contact on the day after the May rate increase, and many customers have been accessing online tools to manage their home loans including through the NAB app — we are here to help any customer who needs support.”

As of press time, only ANZ has yet to release any response to the RBA’s recent rate hike.

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