NAB and Westpac have today announced they will pass on yesterday’s RBA’s 0.25 cash rate hike in full to their variable borrowers.
Each of the big banks’ variable mortgage increases will take effect next Friday, 13 November.
Westpac + NAB lowest rates, effective 13 November | |||
|---|---|---|---|
Old rate from | New rate from | Change | |
Westpac | 6.24% | 6.49% | +0.25 |
NAB | 6.29% - 7.04% | 6.54% - 7.29% | +0.25 |
Source: Canstar. Rates are for owner-occupiers paying principal & interest. LVR requirements apply.
What have they announced for savers?
Westpac will break the 6.00% barrier on its Spend&Save account, available for 18 to 40-year olds, taking the ongoing rate to a maximum of 6.20%, provided customers meet the monthly criteria.
The bank is also passing on the full hike to the maximum rate on its popular Life bonus saver account, taking it to 5.50%.
However, as has been the case across the last four cash rate hikes this year, the bank has left the base rate on these accounts untouched at just 0.10%.
Westpac has not announced changes to its eSaver account, while NAB has not announced increases to any of its savings rates at this stage.
Westpac savings rates, effective 13 November | |||
|---|---|---|---|
Max rate | Base rate | Change %-pts | |
Life (all adults) | 5.50% | 0.10% | Max: +0.25 Base: 0.00 |
Life Spend&Save (ages 18 - 40) | 6.20% | 0.10% | Max: +0.25 Base: 0.00 |
Bump | 5.55% | 1.75% | Max: +0.25 Base: 0.00 |
eSaver | Not announced | ||
Source: Canstar. Conditions apply for max rates.
Westpac and NAB have now confirmed the inevitable
Canstar’s Data Insights Director, Sally Tindall, says, “Friday the 13th is shaping up to be an unlucky day for mortgage customers, with millions of Australians set to cop another increase to their home loan repayments.”
“Westpac and NAB have now confirmed the inevitable. CBA and ANZ should stump up and tell their mortgage customers what will happen to their loan.
“Only Westpac has announced changes on the other side of the coin for savers and even then the news is limited to select accounts.
“Westpac has confirmed it will increase the headline rates on its bonus saver accounts by the full 0.25 percentage points, which is fantastic. However, the base rates on these accounts are once again staying put, which means anyone who doesn’t meet the monthly conditions will miss out on the hike.
“The increase, which also kicks in on Friday 13 November, will see Westpac’s Spend&Save account break the 6 per cent barrier.
“While it’s great to see a big bank lead the charge in the savings space, the rate is highly conditional and strictly limited to those aged 18 to 40.
“Meanwhile, NAB is, at this stage, keeping its savings customers guessing as to whether their hard earned cash will get an interest rate bump after this fifth RBA hike.”
