Another week will have bought disappointment for more Aussies, who might have secretly been hoping their lender would surprise everyone and decide against raising variable rates.

Westpac moved variable rates at the start of the week, the last of the big four to do so, along with various others including St George and Bank of Melbourne.

The attention of mortgage holders will slowly start to turn towards December, with the monetary policy decision to be revealed on the 5th.

Michele Bullock's latest speech will have done nothing to placate the fears of those who are already struggling with repayments; the RBA boss said on Wednesday inflation is now predominantly being driven by demand rather than supply, and that this could make further rate hikes necessary.

As of yesterday, markets only ascribed a 10% change of the RBA raising rates in December, but some economists are calling a hike at the subsequent meeting in February.

Westpac, St George increase variable rates by 25 bps

These are some of the new rates available at Westpac after it upped rates on Tuesday.

  • The Flexi First Option Home Loan (LVR<70%) now has a rate of 6.44% p.a (6.76% p.a comparison rate).
  • The Rocket Repay Investment Loan with Wealth Package (LVR<70%) has a new rate of 7.99% p.a (8.31% p.a comparison rate).

The other banks in the Westpac group also passed the rate hike on in full to variable rate customers.

St George, BankSA and Bank of Melbourne have several identical products, with the following new rates.

Rate (Comparison rate)
Standard variable owner occupier with advantage package (LVR<80%) 7.49% p.a (7.83% p.a)
Standard variable investment (LVR<70%) 9.27% p.a (9.41% p.a)

Credit Union SA and Qudos were among the other banks to up variable rates, but this pair stood out, upping rates by more than the 25 bps the RBA raised interest rates by.

Credit Union SA upped its discounted variable-rate home loan for owner occupiers (LVR<97%) by 40 basis points to 6.94% p.a (6.97% p.a comparison rate).

This follows on from a 25 basis point hike on 15 November.

At Qudos, variable rates went up by 35 bps, including the following products:

  • The No Frills variable owner occupier home loan (LVR<80%) has a new rate of 6.14% p.a (6.14% p.a comparison rate).
  • The Investment Value Package low cost (LVR<80%) has a new rate of 6.54% p.a (6.72% p.a comparison rate).

See a full list of all the lenders upping variable rates: Home loan rate changes after RBA 0.25% rise

NAB ups fixed rates

Australia's third largest bank moved fixed rates this week, after passing on the cash rate hike to variable customers last time around.

Some of the most notable changes include:

  • Tailored 2 year fixed (LVR<80%) has a new rate of 6.64% p.a (7.62% p.a comparison rate) after a 25 bps increase.
  • The investment tailored 2 year fixed (LVR<80%) had rates increased by 10 bps, to 6.79% p.a (8.11% p.a comparison rate).

Westpac group increase fixed rates up to 20 bps

Finally, Westpac and the other banks in the WBC group closed the week out by increasing fixed rates up to 20 basis points.

These are some of the new rates:

  • The Westpac Premier Advantage Investment 2 year Fixed (LVR<80%) had rates increased by 20 bps to 6.59% p.a (7.67% p.a comparison rate)
  • St George hiked up rates on its Advantage package Residential 3 year Fixed (LVR <80%) by 20 bps to 6.69% p.a (7.59% p.a comparison rate)
  • BankSA increased Standard 3 year fixed rates (LVR>80) to 7.14% p.a (8.63% p.a comparison rate), a 20 bps increase.
  • Rates on the Bank of Melbourne 1 year standard residential fixed rates (LVR<70%) are now 6.84% p.a (8.70% p.a comparison rate) after a 10 bps increase.


Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

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