<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Less than a week before the </span><a href="https://www.9news.com.au/reserve-bank-australia" rel="" target="" title="Reserve Bank"><span>Reserve Bank</span></a><span> is expected to hand down its third cut of the year, </span><a href="https://www.9news.com.au/anz" rel="" target="" title="ANZ"><span>ANZ</span></a><span> has hit customers with a surprise interest rate hike.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The big four bank has increased its variable home loan rate rate from 5.59 to 5.75 per cent, a rise of 0.16 percentage points.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The hike only applies to new customers though, with existing borrowers unaffected.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/queensland-nankin-crash-samantha-fielder-family-tributes/0f3b0266-6332-4959-8c4b-53aeeee7452e"><strong><span>Heartbroken mother remembers young woman killed in crash as 'soul of our family'</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"ANZ's hike to its lowest variable rate is a reminder some banks are still looking to protect margins," Canstar data insights director Sally Tindall said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"It's an unusual move just days out from a board meeting that could deliver a cut, but it shows how some banks don't follow the tide.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Let's just hope it's not contagious."</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/finance/anz-surprise-interest-rate-hike/9f2eab99-565e-4fba-8e3e-c8305581fc2b" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>ANZ previously had the lowest variable rate from the big four, but has now lost that to Commonwealth Bank and Westpac, which both offer home loans from 5.59 per cent.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/finance/gst-raise-proposal-kate-chaney/0dac5b2c-c253-4115-bd46-e3482986816e"><strong><span>New GST proposal would give everyone $3300 a year. But there's a catch</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Economists and traders are almost uniformly expecting a rate cut to be handed down by the RBA on Tuesday, following the surprise hold last month.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The market is even pricing in a roughly fifty-fifty chance of a supersized 50-basis-point cut which would bring the official cash rate down to 3.35 per cent.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In a sign of how likely most banks see a cut, NAB, in stark contrast to ANZ, announced it was cutting its fixed mortgage rates by a quarter of a per cent.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>According to Canstar, close to 20 lenders have cut their fixed-rate offerings ahead of next week's RBA meeting.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"NAB has come out swinging ahead of the RBA meeting, cutting fixed rates by up to 0.25 percentage points and undercutting its big bank rivals on a range of terms," Tindall said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Its two‑year rate at 5.19 per cent now sets the pace among the big four.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"While fixed rates aren't the flavour of the month for most borrowers, cuts like these are a sign the banks are bracing for the RBA to move again – most likely on Tuesday."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The RBA's monetary policy board will begin its next meeting on Monday, with a decision to be announced the day after.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span></span><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>:</span></em></strong><span> </span><em><strong><span>Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. 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