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.

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:

• July 2022 rate hike
• June 2022 rate hike
• May 2022 rate hike
• November 2020 rate cut
• 19 March 2020 rate cut
• 3 March 2020 rate cut
• October 2019 rate cut
• July 2019 rate cut
• June 2019 rate cut

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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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. 

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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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