All big four mortgage rates now above 6 per cent as savings hit decade high
All big four banks now charge above 6 per cent on mortgages, while savers finally get 6 per cent returns.
All four major Australian banks have lifted their cheapest variable mortgage rates above 6 per cent following the Reserve Bank's September decision to raise the cash rate to 4.6 per cent. Westpac's rate is now 6.24 per cent, NAB sits at 6.29 per cent, Commonwealth Bank at 6.34 per cent, and ANZ at 6.50 per cent.
The changes take effect from Friday. For borrowers, this year's four rate hikes will add approximately $364 a month to minimum repayments on a $600,000 mortgage over 25 years.
For savers, savings rates have finally cracked 6 per cent for the first time in over a decade, though many deals come with strict conditions. Bank of Queensland restricts its 6 per cent rate to customers aged 14 to 35, while Newcastle Permanent's offer is for under-25s.
Customers who miss monthly requirements on standard bonus accounts earn just 0.01 to only 0.10 per cent interest.
- 6.24 per cent
- Westpac mortgage rate
- 6.50 per cent
- ANZ mortgage rate
- 364 dollars
- Monthly repayment increase
- 4.6 per cent
- RBA cash rate
Why it mattersBorrowers face escalating repayment costs while savers gain better returns, but many rate offers require meeting specific monthly conditions to earn the advertised rate.
AustraliaMortgage holders across Australia will see higher monthly payments, while savers need to shop carefully to get genuine 6 per cent returns rather than falling into accounts with minimal base rates.
✓ Claims checked against the source. checked 1 h ago
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