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CBA, ANZ, NAB and Westpac hit customers with fresh $81 expense

Logos of CBA, ANZ, NAB and Westpac and Australian money.
CBA, ANZ, NAB and Westpac have passed on the most recent rate hike to customers. (Source: Getty)

Millions of Aussie mortgage holders will be paying more for their monthly home loans repayments after CBA, ANZ, NAB and Westpac passed on yesterday's Reserve Bank (RBA) hike to customers.

The Big Four banks made the announcements quickly after the RBA decision, which saw the central bank raise the cash rate to 3.1 per cent - the highest it’s been in over a decade.

This was the eighth hike mortgage holders have been hit with in as many months, with some Aussies now paying thousands of dollars more per month on their mortgage repayments.

The change means that someone with a $500,000 loan, with 25 years remaining, on a standard variable rate will be paying up to an extra $81 per month.

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Here’s what changes the banks have made, according to data from RateCity.com.au.

CBA variable rates for owner-occupiers – effective 16 December

Rate type

Old rate

New rate

Increase in repayments $500K


Basic rate (70% LVR)

4.62%

4.87%

$72


Discounted variable rate

4.57% - 6.24%

4.82% - 6.49%

$72 - $77


Standard variable rate

7.30%

7.55%

$81


Westpac variable rates for owner-occupiers – effective 20 December

Rate type

Old rate

New rate

Increase in repayments, $500K

Lowest variable

4.49%for 2yrs then 4.89%

4.74%for 2 yrs then 5.14%

$71

Discounted variable rate

5.94%

6.19%

$76

Standard variable rate

7.23%

7.48%

$81

NAB variable rates for owner-occupiers – effective 16 December

Rate type

Old rate

New rate

Increase in repayments, $500K

Lowest variable

4.74%

4.99%

$72

Discounted variable rate

6.42%

6.67%

$78

Standard variable rate

7.27%

7.52%

$81

ANZ variable rates for owner-occupiers – effective 16 December

Rate type

Old rate

New rate

Increase in repayments, $500K

Lowest variable

4.59%

4.84%

$72

Discounted variable rate

5.74%

5.99%

$76

Index rate

7.14%

7.39%

$80

RateCity research director Sally Tindall said the latest rate hike may be the final nail in the coffin for some borrowers.

“Borrowers on the blunt end of this rate hike will be bracing for more rate pain when this latest increase hits their bank accounts,” Tindall said.

“While some homeowners will be able to take this eighth rate hike on the chin, others will be wondering where on earth the money will come from.

“If you don’t know how the budget is going to add up, send out an SOS as soon as you can. The earlier you put your hand up for help, the more options you’re likely to have.”

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