RBA rate rise August 2022: Is your lender passing it on?

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on August 02, 2022 Fact Checked
RBA rate rise August 2022: Is your lender passing it on?

Australia's cash rate has been raised by 50 basis points again. See how this affects your home loan with Savings.com.au's comprehensive list of home loan rate rise announcements.

The Reserve Bank of Australia (RBA) raised the cash rate by another 50 basis points in August, taking it up to 1.85%. 

Savings.com.au will provide regular updates below of each lenders' announcements regarding passing on this July 2022 rate hike to variable rate home loans.

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When is your lender raising variable interest rates?

All rate changes below refer to lenders’ responses to the RBA’s rate hike on 2 August 2022. To see how these rate movements compare with previous RBA rate changes, refer to our past rate change pages:

Last updated: 12/08/2022. 

Key notes:

P&I = Principal and Interest, IO= Interest Only, OO=Owner-occupiers
Basis points explained: 1 basis point = 0.01%

    AMP interest rate rise

    ANZ interest rate rise

    Athena interest rate rise

    Australian Military Bank interest rate rise

    Australian Unity interest rate rise

    Auswide Bank interest rate rise

    Bank Australia interest rate rise (pending) 

    Bank of Melbourne interest rate rise

    Bank of Queensland (BOQ) interest rate rise

    Bank of Sydney interest rate rise

    Bankfirst interest rate rise

    BankSA interest rate rise

    Bank of us interest rate rise

    BankVic interest rate rise

    Bankwest interest rate rise

    bcu interest rate rise

    Bendigo Bank interest rate rise

    Citi interest rate rise (pending)

    Commonwealth Bank interest rate rise

    Credit Union SA interest rate rise

    Defence Bank interest rate rise

    G&C Mutual Bank interest rate rise

    Gateway Bank interest rate rise (pending)

    Great Southern Bank interest rate rise

    Greater Bank interest rate rise

    Heritage Bank interest rate rise

    Homeloans.com.au interest rate rise (pending)

    Homestar Finance interest rate rise

    Horizon Bank interest rate rise

    HSBC interest rate rise

    Hume Bank interest rate rise (pending)

    IMB Bank interest rate rise

    ING interest rate rise

    Loans.com.au interest rate rise

    Macquarie Bank interest rate rise

    ME Bank interest rate rise

    Mortgage House interest rate rise (pending)

    MOVE Bank interest rate rise (pending)

    MyState Bank interest rate rise

    NAB interest rate rise

    Nano interest rate rise

    Newcastle Permanent interest rate rise

    OneTwo Home Loans interest rate rise (pending)

    P&N Bank interest rate rise

    People's Choice interest rate rise (pending)

    Police Credit Union interest rate rise (pending)

    QBank interest rate rise (pending)

    Qudos Bank interest rate rise

    Queensland Country Bank interest rate rise

    RACQ Bank interest rate rise 

    RAMS interest rate rise

    Reduce Home Loans interest rate rise (pending)

    Resimac interest rate rise (pending)

    St George interest rate rise

    State Custodians interest rate rise (pending)

    Suncorp Bank interest rate rise

    Sydney Mutual Bank interest rate rise (pending)

    Teachers Mutual Bank interest rate rise (pending)

    The Mutual Bank interest rate rise (pending)

    Tic:Toc interest rate rise (pending)

    ubank interest rate rise (pending)

    UniBank interest rate rise (pending)

    Unloan interest rate rise (pending)

    Virgin Money interest rate rise

    Well home loans interest rate rise (pending) 

    Westpac interest rate rise

    Wlth interest rate rise (pending)

    Yard interest rate rise (pending)


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      QLD/NSW/VIC/SA METRO & INNER REGIONAL AREAS
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      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. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. 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 August 11, 2022. View disclaimer.


      AMP interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 12 August for new customers, 15 August for existing customers
      • Announcement date: 5 August
      • Other info: AMP will also increase the rate for its AMP Saver account to 2.60% p.a. 

      ANZ interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 12 August
      • Announcement date: 4 August
      • Other info: ANZ will also increase the interest rates on select term deposit and savings products by 0.50%. ANZ Plus savings account will increase to 2.50% p.a.

      Athena interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 4 August
      • Announcement date: 4 August

      Australian Military Bank interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 17 August
      • Announcement date: 5 August
      • Other info: Australian Military Bank has also increased select term deposit and savings rates by 0.50% with its DIY Saver reaching 1.65% p.a. and Online Saver reaching 2.20% p.a. 

      Australian Unity interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 12 August
      • Announcement date: 5 August

      Auswide Bank interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 17 August
      • Announcement date: 4 August
      • Other info: Auswide Bank will also increase savings, cash management, pension and children’s accounts by 0.50%.  

      Bank of Melbourne interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 18 August
      • Announcement date: 4 August
      • Other info: Bank of Melbourne will also increase savings account rates by 0.55% p.a. to 2.1% p.a. 

      Bank of Queensland interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 9 August
      • Announcement date: 4 August

      Bankfirst interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 22 August
      • Announcement date: 5 August
      • Other info: Bankfirst will also increase savings accounts from 22 August and term deposit accounts from 15 August - including a 12 month term deposit rate of 2.75% p.a.

      BankSA interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 18 August
      • Announcement date: 4 August
      • Other info: BankSA will also increase savings account rates by 0.55% p.a. to 2.1% p.a. 

      Bank of Sydney interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 10 August
      • Announcement date: 9 August

      Bank of us interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 5 August
      • Announcement date: 4 August

      BankVic interest rate rise

      • August 2022 rate rise: 45 basis points
      • Applies to: Variable rate home loans
      • Effective date: 19 August
      • Announcement date: 10 August
      • Other info: BankVic will also increase rates on savings and deposit products. The mutual bank's 12 month term deposit product will increase by 0.90% to 2.5% from the 19 August.

      Bankwest interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 12 August
      • Announcement date: 4 August
      • Other info: Bankwest will also increase rates for select savings products, including an increase of 0.50% to its Variable Hero Rate to 2.00% p.a. for balances up to $250,000, and its Easy Saver Rate to 1.85% p.a. for balances up to $50,000. 

      bcu interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 17 August
      • Announcement date: 10 August
      • Other info: bcu will also increase rates for savers, with a 0.40% p.a. increase to savings accounts from 12 August.

      Bendigo Bank interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 12 August
      • Announcement date: 5 August
      • Other info: Bendigo Bank will also increase the interest rate on its deposit products including an increase of 0.50% p.a. to the rate on its Bendigo EasySaver products.

      Credit Union SA interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 11 August
      • Announcement date: 11 August

      Commonwealth Bank interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 12 August
      • Announcement date: 4 August
      • Other info: CommBank will also increase the interest rates on select term deposit and savings products by 0.50%. The NetBank Saver standard variable interest rate will increase to 0.85% p.a, with a five-month introductory variable rate of 1.80% p.a. 

      Defence Bank interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 18 August
      • Announcement date: 10 August

      G&C Mutual Bank interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 12 August
      • Announcement date: 12 August
      • Other info: G&C Mutual Bank will also increase deposit rates by up to 0.75% p.a. from 12 August. 

      Great Southern Bank interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 11 August
      • Announcement date: 11 August

      Greater Bank interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 10 August
      • Announcement date: 5 August

      Heritage Bank interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 17 August
      • Announcement date: 9 August

      Homestar Finance interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 4 August
      • Announcement date: 4 August

      Horizon Bank interest rate rise

      • August 2022 rate rise: 40 basis points
      • Applies to: Variable rate home loans
      • Effective date: 9 August
      • Announcement date: 9 August
      • Other info: Horizon Bank will also increase deposit products for savers by up to 0.50% p.a. 

      HSBC interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 22 August
      • Announcement date: 5 August

      IMB Bank interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 12 August
      • Announcement date: 12 August
      • Other info: IMB Bank will also increase rates for savers by 0.25% p.a. taking its Reward Saver account to 2.00% p.a.

      ING interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 9 August
      • Announcement date: 4 August
      • Other info: ING will also increase its Savings Maximiser rate to 3.10% p.a. and Savings Accelerator rate to 2.20% p.a. 

      Loans.com.au interest rate rise

      • August 2022 rate rise: 50 basis points
      • Applies to: Variable rate home loans
      • Effective date: 5 August
      • Announcement date: 4 August

        Macquarie Bank interest rate rise

        • August 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 12 August
        • Announcement date: 2 August
        • Other info: Macquarie Bank will cut fixed home loan rates by up to 0.75% p.a. for new and existing customers looking for a fixed rate option. Macquarie Bank will also increase its transaction and savings account by 0.50% to 2.25% p.a. on balances up to $250,000 from 12 August. The bank will also increase a range of rates across 3, 6, 9 and 12-month term deposit products effective 4 August. 

        ME Bank interest rate rise

        • August 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 6 August
        • Announcement date: 4 August

        MyState Bank interest rate rise

        • August 2022 rate rise: 50 basis points 
        • Applies to: Variable rate home loans 
        • Effective date: 15 August
        • Announcement date: 4 August

        NAB interest rate rise

        • August 2022 rate rise: 50 basis points
        • Applies to: Variable rate home loans
        • Effective date: 12 August
        • Announcement date: 4 August
        • Other info: NAB will also increase a number of savings and term deposit rates by 0.50% including NAB’s iSaver to 1.80% and NAB's Reward Saver to 1.75%.

        Nano interest rate rise

        • August 2022 rate rise: 65 basis points
        • Applies to: Variable rate home loans
        • Effective date: 11 August
        • Announcement date: 10 August

        Newcastle Permanent interest rate rise

        • August 2022 rate rise: 50 basis points
        • Applies to: Variable rate home loans
        • Effective date: 12 August
        • Announcement date: 5 August
        • Other info: Newcastle Permanent will also increase rates on a number of deposit products, including a special rate of 3.05% p.a. on new 12-month term deposits.

        P&N Bank interest rate rise

        • August 2022 rate rise: 50 basis points
        • Applies to: Variable rate home loans
        • Effective date: 17 August
        • Announcement date: 9 August
        • Other info: P&N Bank will also increase rates across deposit products by 0.50% p.a. The new rates will take effect from 12 August for term deposits and 17 August for savings accounts.

        Qudos Bank interest rate rise

        • August 2022 rate rise: 50 basis points
        • Applies to: Variable rate home loans
        • Effective date: 18 August
        • Announcement date: 5 August
        • Other info: Qudos Bank will also increase rates across a number of deposit products by up to 0.50% p.a.

        Queensland Country Bank interest rate rise

        • August 2022 rate rise: 50 basis points
        • Applies to: Variable rate home loans
        • Effective date: 19 August
        • Announcement date: 8 August
        • Other info: Queensland Country Bank will also increase rates across a number of savings products as well as increases to Reno Loan, Green Reno Loan and Home Equity Loan by 0.25% p.a.  

        RACQ Bank interest rate rise

        • August 2022 rate rise: 50 basis points
        • Applies to: Variable rate home loans
        • Effective date:  16 August
        • Announcement date: 9 August
        • Other info: RACQ Bank will also increase rates for savers, offering a Bonus Saver rate of 2.60% p.a. The bank will also increase term deposit rates by up to 0.50% p.a. Both increases are effective 16 August.

        RAMS interest rate rise

        • August 2022 rate rise: 50 basis points
        • Applies to: Variable rate home loans
        • Effective date: 18 August
        • Announcement date: 5 August

        St George interest rate rise

        • August 2022 rate rise: 50 basis points
        • Applies to: Variable rate home loans
        • Effective date: 18 August
        • Announcement date: 4 August
        • Other info: St George will also increase savings account rates by 0.55% p.a. to 2.1% p.a. 

        Suncorp Bank interest rate rise

        • August 2022 rate rise: 50 basis points
        • Applies to: Variable rate home loans
        • Effective date: 12 August
        • Announcement date: 4 August
        • Other info: Suncorp will decrease some fixed rate home loans such as the Owner Occupier P&I 3-year fixed rate which will reduce to 5.79% p.a. Suncorp will also increase its Growth Saver account to 2.40% p.a. and offer a 3.20% p.a. rate on its 18-month Term Deposit.

        Virgin Money interest rate rise

        • August 2022 rate rise: 50 basis points
        • Applies to: Variable rate home loans
        • Effective date: 9 August
        • Announcement date: 4 August

            Westpac interest rate rise

            • August 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 18 August
            • Announcement date: 4 August
            • Other info: Westpac will also increase savings accounts and term deposits by 0.50%, taking the Westpac Life rate to 1.85% p.a., the Westpac Spend & Save rate for 18-29 year olds to 3.25% p.a. and eSaver rate to 0.85% p.a. 



                Disclaimers

                The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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                Dominic Beattie is the Editor of Savings.com.au. He has been publishing articles on finance, business and economics since 2015, having previously worked at financial research firm and comparison site Canstar before helping to launch Savings.com.au in November 2018. Dominic's commentary has featured in various news outlets, including: Channel 7 News, News.com.au, Yahoo Finance Australia, Domain, Realestate.com.au, Daily Mail and Radio 2NURFM.

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