With the RBA having increased the cash rate 25 basis points in October, customers anticipate major banks will pass on this increase in full to mortgage rates.

Savings rates on the other hand remain a mystery, with CommBank and Westpac the only two major banks to pass on increases to savings rates last month following the RBA’s September decision. 

ANZ’s app-only digital platform ANZ Plus increased savings rates to remain competitive with the likes of Bank of Queensland, ubank and ING

PRD Chief Economist Dr Asti Mardiasmo said the RBA has a historical pattern of six to seven successive cash rates in the past, before holding the rate steady to see how it translates into the economy.

“By RBA historical pattern we might see a break from November onwards,” Dr Mardiasmo told Savings.com.au. 

PropTrack Senior Economist Eleanor Creagh said the economy has entered the tightening cycle with strong momentum.

“Although consumer confidence has fallen, the labour market remains tight, the unemployment rate is at a 48-year low, spending is yet to slow, and business conditions remain strong,” Ms Creagh said. 

This page will detail reactions across the big-four banks following the RBA's latest cash rate hike - check back here regularly for the latest information.


The first of the big-four to react to the RBA's October decision on Tuesday was NAB, flagging its intent to pass on the full 0.25% increase to variable mortgage holders from 14 October 2022. 

At this point, NAB will not be increasing accounts for savers, detailing the fact that they have made more than 30 rate increases on savings products since 1 May. 

NAB Group Executive for Personal Banking, Rachel Slade, said NAB was focused on supporting customers.

“If you are worried about the impact of increasing interest rates, you have our full support,” Ms Slade said.


The second of the big-four to react following the RBA decision was Westpac, increasing rates for variable mortgage holders by 0.25% from 18 October 2022. 

Westpac will also increase rates for savers by the full 0.25% across Westpac Life, Spend&Save and eSaver accounts. 

Westpac's Spend&Save account for 18-29 year olds will offer a rate of 3.75% p.a. for balances up to $30,000. 

Westpac Chief Executive Consumer & Business Banking Chris de Bruin said many customers are looking at their finances to help manage changes to their household budgets.

“The majority of our borrowers remain in good shape with more than two thirds ahead of mortgage repayments, and no material change in customers seeking financial support at this time," Mr de Bruin said. 


Following the lead of NAB and Westpac, ANZ has responded on Tuesday flagging an increase to rates for variable mortgage holders by 0.25% from 14 October 2022.

ANZ will also increase its savings rate across it's digital-arm ANZ Plus, offering a rate of 3.25% p.a. for balances up to $250,000 from 12 October 2022. 

ANZ Group Executive Australia Retail Maile Carnegie noted customers have been impacted differently by the cost of living and rate changes in recent months.

“Customers who may be facing difficulties are strongly encouraged to reach out to us as soon as they can so we can discuss personalised options to support them through this time,” Ms Carnegie said.


Australia's largest bank was the last of the big-four to make a move on Tuesday following the RBA's October cash rate decision, increasing rates for variable mortgage holders by 0.25% from 14 October 2022.

CommBank has also come to the party this month for savers, increasing savings rates across a number of products including its 12-month term deposit by 1.35% to 3.35% p.a. and 18-month term deposit special to 3.70% p.a.

CommBank Group Executive of Retail Banking Angus Sullivan said the bank is committed to helping customers navigate the current environment, including through further increases to the interest rates across a number of our deposit products. 

“We are seeing more and more customers taking advantage of the tools available to manage their finances in the face of rising living costs," Mr Sullivan said. 

"Customers are also aligning timing of their mortgage payments with when their salary is paid, helping them to better budget their money.” 


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.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
Principal & Interest
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5.99% p.a.
5.90% p.a.
Principal & Interest
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  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
Principal & Interest
Featured Unlimited Redraws
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  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Images by CBA, ANZ, NAB & Westpac

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