NAB and ANZ lifts interest rates

First major banks to do so after RBA hike

NAB and ANZ lifts interest rates


By Ryan Johnson

NAB and ANZ has announced it will pass on Tuesday’s cash rate hike to variable borrowers in full, effective November 17.

NAB and ANZ the first of the big four banks to announce hikes following the RBA’s November meeting.

NAB’s variable home loan interest rate will increase by 0.25% p.a along with a 0.25 percentage point hike to its Reward Saver account. However, there has not been any changes to its iSaver account.

ANZ will also increase the rate available to savings customers on the ANZ Plus Save account by 0.25% pa, with balances less than $250,000 to increase to 4.90% pa, and balances $250,000 or more to increase to 3.75% pa effective 16 November 2023.

ANZ said it would continue to review other deposit rates.

NAB’s lowest advertised variable rates for owner-occupiers – effective 17 November


Old rate

New rate

Basic variable



Variable with offset



Source: Rates are for owner-occupiers playing principal and interest. LVR requirements apply.

NAB’s savings changes – effective 17 November


Old max rate

New max rate

Change % points

Reward Saver





4.75% for 4 mths then 2.00%

4.75% for 4 mths then 2.00%


Source: Note: conditions and balance caps apply for maximum rate on select accounts

The only other bank on’s database to announce its November rate changes so far is ME Bank, but only for home loan customers.

NAB group executive for personal banking Rachel Slade (pictured above left) encouraged anyone concerned about their finances to reach out to their bank as soon as possible.

“While most of our customers are in good shape, there may be some people who are more concerned about the first rate rise since mid-year which is why it’s crucial to reach out to your bank as soon as you can. We’re here to help,” Slade said.

“Customers continue to build and flex their budgeting muscle and they’re responding to cost of living pressures by reducing their spending on dining out, fuel and leisure travel.”

ANZ Group executive Australia retail Maile Carnegie came out with a similar message.

“We know rate changes impact customers and their household budgets differently. Over the past 18 months, we’ve been proactively reaching out to thousands of home loan customers each month, to check in with them about their circumstances and loan arrangements,” Carnegie said.

“Our team is trained to support customers, and we encourage anyone who would like to better understand the options available to them to connect with us.”

iSaver customers stuck with “laughable” savings rate research director Sally Tindall (pictured above right) said NAB’s variable home loan customers will be disappointed, but not surprised, to see the bank pass on the cash rate hike in full.

“Banks big and small have been passing on the full rate hikes to variable home loan customers since the start of the increases, and we expect this will continue with rate hike number 13,” Tindall said.

“If you want to dodge a rate hike, you’ll need to pick up the phone and ask. Banks are still handing out discounts, but only to those with the initiative to call.”

Tindall said it was “great to see” NAB pass on the full hike to its Reward Saver customers.

“As a result, these savers can now earn an ongoing rate of 5.00% if they meet the banks monthly terms and conditions,” Tindall said.

“However, it’s disappointing to see iSaver customers once again miss out. These customers will be continuing on a rate of just 2.00%, which is laughable considering the cash rate is more than double this.”

“Let’s hope the other big three banks take a different approach and announce full increases to each and every one of their savings accounts,” she said.

NAB said since 2017, it has consistently implemented any changes to its standard variable home loan rates 10 days following a cash rate announcement from the RBA.

“This is NAB’s approach regardless of whether rates are increasing or decreasing,” the bank stated.

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