ANZ raises digital-only home loan rates ahead of expected RBA rate cut

By Peter Terlato · · 2 min read
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Man confused, upset on phone

ANZ Plus has quietly raised its variable home loan rates for new customers by 0.16 percent.

This takes the Big Four banks' digital-only owner-occupier loans up to 5.75% p.a. and investment loans to 6.05% p.a. – just days before the Reserve Bank of Australia (RBA) isidely expected to deliver another cash rate cut.

Why this matters

  • Margin over market? This move shows ANZ may be opting for profit protection over competitive appeal – diverging from the broader industry trend.
  • RBA relief coming. With inflation comfortably within the RBA’s 2-3% target range and trimmed mean inflation at 2.7%, markets and economists are strongly favouring a 25 basis point cut early next week.
  • Borrowers, now's a strategic moment. Mozo’s recent analysis warns that historically, banks become more cautious in passing on savings in later stages of rate-cut cycles.

What you can do right now

In contrast, many lenders have been trimming rates before the RBA’s official move.

Compare refinance home loans

Bottom line: If you were thinking of refinancing, this is arguably prime time. The table below shows the lowest available refinance rates on Mozo’s database.

Refinance: variable rate home loan rate leaders

Lender Product Interest rate (p.a.) Comparison rate (p.a.)
Police Credit Union Simply Low Home Loan Special Offer (LVR <80%) 4.99% 5.04%
Australian Mutual Bank GumLeaf Basic Variable (LVR <60%) 5.39% 5.41%
Homeloans360 Owner Variable Home Loan (LVR <80%) 5.39% 5.39%
People's Choice Basic Variable Home Loan (LVR <70%) 5.39% 5.40%
RACQ Bank Fair Dinkum Home loan (LVR <60%) 5.39% 5.40%
The Capricornian No Frills Home Loan (LVR <90%) 5.39% 5.40%
source: mozo.com.au as at 7 August 2025, leading variable rates for owner occupier, principal & interest home loans at $500,000, varying LVR, available for refinancing, excluding first home buyer, essential worker and 'green' home loans with environmentally friendly requirements.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

ANZ Plus's timing is eyebrow-raising but for savvy borrowers it's a red flag signalling opportunity. Watch the RBA decision closely next week, but don't wait to act. With so many better options already on the table – and savvy lenders competing – now might be a smart time to refinance.

Compare refinancing options below

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more home loans here.
Last updated 5 December 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.09 % p.a.
    Fixed 2 years
    Comparison rate
    5.43 % p.a.
    Initial monthly repayment
    $2,712
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.

  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • Discount Great Rate Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.20 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • Get up to $3,000 cashback when you apply online (T&Cs apply)
    • No paperwork or payslips required (see site for details)
    • Low variable rate

  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.29 % p.a.
    Variable
    Comparison rate
    5.33 % p.a.
    Initial monthly repayment
    $2,773
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.

  • Offset Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.39 % p.a.
    Variable
    Comparison rate
    5.42 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing monthly loan maintenance fees to pay.
    • Pre-approval valid for 3 months
Showing 5 results from 380 home loans. Use the filters to see more

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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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