Westpac, NAB, and ANZ join CBA by hiking variable rates, but stay quiet on savings
04 Feb 2026
Westpac, NAB, and ANZ have followed CBA and announced they will pass on the RBA’s 0.25%-pt cash rate hike in full to their variable borrowers.
NAB and ANZ variable mortgage increases take effect 13 February, while Westpac’s increase will be effective 17 February. The news follows CBA’s announcement that it will pass on the hike in full to its borrowers, effective 13 February.
As a result of the decisions, once the new rates take effect, Westpac will offer the lowest advertised variable rate at 5.49%.
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| Big four banks’ lowest home loan rates, post RBA cash rate hike | ||
|---|---|---|
| Old rate from | New rate from | |
| CBA | 5.34% | 5.59% |
| Westpac | 5.24% | 5.49% |
| NAB | 5.69% | 5.94% |
| ANZ | 5.50% | 5.75% |
Source: Canstar. Rates are for owner-occupiers paying principal and interest. LVR requirements apply.
Savers still in the dark
None of the big four banks have made any announcements about changes to savings account rates, with all saying they are under review.
However, if history is anything to go by, banks can be selective in which savings rates go up by the full RBA rise.
Canstar data shows that across the rate hikes of 2022 and 2023, the big four banks’ maximum rates on their main bonus saver accounts rose by an average of 4.56 percentage points – that was 0.31%-pts higher than the 4.25 percentage points from the RBA, yet, the base rates on these accounts, which apply when a customer misses the monthly terms and conditions, only rose by an average of just 0.64 percentage points, 3.61 percentage points less than the RBA hikes.
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| Average rates, big four banks’ savings accounts | ||||
|---|---|---|---|---|
| Account | Rate | May 22 | Dec 23 | Change %-pts |
| Bonus savers | Base rate | 0.06% | 0.69% | +0.64 |
| Max rate | 0.23% | 4.79% | +4.56 | |
| Online savers | Intro rate | 0.24% | 4.60% | +4.36 |
| Ongoing rate | 0.05% | 1.74% | +1.69 | |
Source: Canstar. Bonus accounts include CBA GoalSaver, Westpac Life, NAB Reward Saver, ANZ Progress Saver. Online accounts include CBA Netbank Saver, Westpac eSaver, NAB iSaver, ANZ Online Saver.
Borrowers should prepare for further RBA cash rate hikes
RBA Governor Michele Bullock today did not rule out the possibility of further rate rises. Instead, the Board did, once again, reiterate that it was prepared to do what it takes to achieve price stability and full employment.
On the back of today’s decision and press conference, CBA’s economic team has updated its cash rate forecast. It now expects the central bank to hike the cash rate again in May, in line with what NAB is already forecasting.
Westpac and ANZ have kept their forecast at one and done, however, both acknowledge that the risk lies with a further hike.
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| Current big four bank cash rate forecasts | ||
|---|---|---|
| Bank | Forecast | Cash rate at end of 2026 |
| CBA | 0.25 hike in May | 4.10% |
| Westpac | No further changes | 3.85% |
| NAB | 0.25 hike in May | 4.10% |
| ANZ | No further changes | 3.85% |
Keep an eye on your savings rates
Canstar’s data insights director, Sally Tindall, says, “Westpac, NAB, and ANZ were quick to follow fellow big four bank, CBA, in announcing the news no variable borrower wants to hear: that the banks will be passing on the cash rate hike, in full, to their mortgages.”
“While many borrowers have shown significant resilience in the face of previous cash rate hikes, having to pay more on your home loan, even if you can afford the increase, is a tough pill to swallow.
“These announcements provide some time for borrowers to get prepared before they take effect. Instead of waiting it out, it’s the perfect time to act. Take a look at what your interest rate is, take stock of what other lenders are offering and then pick up the phone to your bank and ask for something better.
“If they don’t play ball, then it is a sign that it might be time to take a look elsewhere. A cash rate change kicks off plenty of action in the market, which could be to your benefit if you make the most of the competition.
“Borrowers should also start planning for the possibility of further cash rate hikes. While the RBA has said it’s data dependent, the data recently has not played ball.
“Should inflation continue to be problematic, then the RBA will likely hike again. Understand what this might mean for your mortgage now, so you have time to make any necessary adjustments, or, call your bank for hardship options.
“None of the big four banks have said anything about savings rates – creating an unfortunate waiting game that keeps loyal savers in the dark.
“A climbing cash rate can be good news for steadfast savers, but know that banks often hand-pick which rates go up and which ones miss out.
“Keep an eye on your savings rates – not just the headline figure but what you’re earning on an ongoing basis – and if your bank doesn’t do right by you, it could be time to take your nest egg shopping.”
This article was reviewed by our Consumer Editor Meagan Lawrence before it was updated, as part of our fact-checking process.
