One big bank pushes through a rise in its variable home loan rate, ahead of the expected Tuesday RBA review

The Reserve Bank of Australia will next review its cash rate target on Tuesday, March 17, 2026.

Financial markets have priced in a 50% chance of a +25 bps hike then.

But ANZ isn't waiting. It has pushed through a +10 bps hike to its variable rates, across the board.

Plus it has raised all of its fixed home loan rates by at least +10 bps, some by as much as +25 bps for its 2 year over 80% LVR rates.

These changes come even though ANZ isn't especially competitive in any of these categories. They are moving to protect margins on their existing client base, not using rate offers to win new business.

Of course, if the March 17 RBA hike is the full +25 bps, they are likely to raise again. If it is a hold this time, they are unlikely to back off todays increase.

The reason is that wholesale money costs are rising from global pressures, and from higher local inflation expectations.

At lease they have raised their one year term deposit rate from an uncompetitive level to 4.80%. But this is still lower than key rivals, but not as low as it was. ANZ has been leaking household deposits based on their prior low rates for savers, something we have reported on in detail earlier.

ANZ isn't the only bank to move rates today.

We have seen rate hikes from Bank of of Queensland, Bank Australia, and Great Southern Bank. Details of the new rates are in our term deposit rate tables.

One bank, Great Southern, has actually pushed a one year TD rate up to 5.05%, but only for its Platinum Plus 55+ rates. This is notable because it is the highest of any bank we follow (the majors and the ten largest challengers).

Also a curiosity today has been the variable rate cut by Great Southern of its Basic Variable rate, by -10 bps, but only for loans

aND gREAT sOUTHERN. dETAILS OF THE NEW RATES ARE IN OUR TERM DEPSOITY TABLES