RBA rate increase June 2022: Is your lender passing it on?

UPDATE: The RBA has announced a 50 basis point increase to the cash rate in July to 1.35%. 

The Reserve Bank of Australia (RBA) has raised the cash rate by 50 basis points in June, taking it up to 0.85%. 

Savings.com.au will provide regular updates below of which lenders are announcing they are passing on this June 2022 rate hike to variable rate home loans.

Which lenders are raising variable interest rates?

All rate changes below refer to lenders’ responses to the RBA’s rate hike on 7 June 2022. To see how these rate movements compare with previous RBA rate changes, refer to our past rate change pages:

• 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: 21/06/2022. 

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 Bank interest rate rise

Auswide Bank interest rate rise 

Bank Australia interest rate rise

Bank of Melbourne interest rate rise

Bank of Queensland (BOQ) interest rate rise

Bankfirst interest rate rise

BankSA interest rate rise

Bank of Sydney interest rate rise

BankVic interest rate rise 

Bankwest interest rate rise

Bank of us interest rate rise

BCU interest rate rise

Bendigo Bank interest rate rise

Beyond Bank interest rate rise

Citi interest rate rise

Commonwealth Bank interest rate rise

Credit Union SA interest rate rise (pending)

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

Homestar Finance interest rate rise

Horizon Bank interest rate rise

HSBC interest rate rise

Hume Bank interest rate rise

IMB interest rate rise

ING interest rate rise

loans.com.au interest rate rise Click to view the latest rates

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 

P&N Bank interest rate rise

People's Choice interest rate rise

Police Credit Union interest rate rise (pending)

QBank interest rate rise

Qudos Bank interest rate rise

RACQ Bank interest rate rise

RAMS interest rate rise

Reduce Home Loans interest rate rise

Resimac interest rate rise

St George interest rate rise

State Custodians interest rate rise (pending)

Suncorp Bank interest rate rise

Teachers Mutual Bank interest rate rise (pending)

The Mutual Bank interest rate rise (pending)

Tic:Toc interest rate rise

UBank interest rate rise

UniBank interest rate rise (pending)

Virgin Money interest rate rise

Well home loans interest rate rise

Westpac interest rate rise

Wlth interest rate rise (pending)

Yard interest rate rise (pending)

---

Advertisement

Current low rate home loans

For quick reference: As things stand, these are some of the lowest-rate home loans Savings.com.au has found on the market:

Advertisement

Variable Home Loan (LVR < 90%)

Product Features

• Low rates for purchase and refinancing
• Simple online application process
• No fees, unlimited redraws, 0.10% offset

Monthly repayments:$2,408

6.04%Advertised Rate (p.a.)

6.06%Comparison Rate*

More details

---

AMP interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 17 June for new customers, 20 June for existing customers
• Announcement date: 10 June
• Other info: AMP will also offer a 0.50% p.a. increase to deposit account rates for investment clients through AMP wealth platforms, effective 14 June. 

ANZ interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 17 June
• Announcement date: 08 June
• Other info: ANZ will also offer a new rate for its 11-month Advance Notice term deposit of 2.25% p.a. effective 13 June.

Athena interest rate rise

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

Australian Military Bank interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 23 June
• Announcement date: 10 June
• Other info: Australian Military Bank will also offer increases of up to 0.70% p.a. across term deposits effective from 15 June.

Australian Unity Bank interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 16 June for new customers, 24 June for existing customers
• Announcement date: 16 June
• Other info: Australian Unity Bank will also offer increases to a number of term deposits ranging from 0.15% to 0.50% p.a. effective 16 June, as well as a 0.20% p.a. increase to savings accounts effective 1 July. 

Auswide Bank interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 22 June
• Announcement date: 10 June

Bank Australia interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 23 June
• Announcement date: 17 June
• Other info: Bank Australia will also increase rates across term deposits effective 23 June. 

Bank of Melbourne interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 21 June
• Announcement date: 08 June

Bank of Queensland interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 14 June
• Announcement date: 08 June
• Other info: Bank of Queensland will also increase term deposit rates including a rate of 2.50% for deposits of 12 months from 10 June.

Bankfirst interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 24 June
• Announcement date: 14 June
• Other info: Bankfirst will also increase its 12 month term deposit rate to 2.35% p.a. from 16 June. 

BankSA interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 21 June
• Announcement date: 08 June

Bank of Sydney interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 16 June
• Announcement date: 14 June

BankVic interest rate rise

• June 2022 rate rise: 45 basis points
• Applies to: Variable rate home loans
• Effective date: 28 June
• Announcement date: 15 June
• Other info: BankVic is increasing the interest rate on a range of savings accounts by between 0.35% and 0.45%

Bankwest interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 17 June
• Announcement date: 08 June

Bank of us interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 17 June
• Announcement date: 10 June
• Other info: Bank of us will also offer a 12 month term deposit rate of 2.50% p.a. effective 14 June.

BCU interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 28 June
• Announcement date: 13 June
• Other info: BCU will also offer a 0.55% p.a. increase across savings and term deposit accounts. 

Bendigo Bank interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 17 June
• Announcement date: 10 June
• Other info: Bendigo Bank will also offer interest rate increases on many of its deposit products including an increase to the rate on its Reward Saver account by 0.50% p.a.

Beyond Bank interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 23 June
• Announcement date: 16 June
• Other info: Bendigo Bank will also offer interest rate increases across a number of term deposits by up to 1.10% p.a. and savings accounts by up to 0.25% p.a.

Commonwealth Bank interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans 
• Effective date: 17 June
• Announcement date: 08 June
• Other info: CommBank will also increase the bonus interest rate for select savings products by 0.50% p.a. Further, Australia's largest bank will also be extending availability of their 18-month term deposit special offer of 2.25% p.a.

Citi interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans 
• Effective date: 17 June
• Announcement date: 15 June

Great Southern Bank interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans 
• Effective date: 22 June
• Announcement date: 10 June

Defence Bank interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans 
• Effective date: 16 June
• Announcement date: 15 June

Greater Bank interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans 
• Effective date: 31 July
• Announcement date: 10 June
• Other info: Greater Bank will be increasing the interest rate on a range of term deposits from three months to five year maturity terms of between 0.50% and 1.00% p.a.

G&C Mutual Bank interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans 
• Effective date: 16 June 
• Announcement date: 16 June

Heritage Bank interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans 
• Effective date: 21 June
• Announcement date: 15 June

Homeloans.com.au interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans 
• Effective date: 21 June
• Announcement date: 21 June

Homestar Finance interest rate rise

• June 2022 rate rise: 46 basis points for owner occupiers, 50 basis points for investors
• Applies to: Variable rate home loans 
• Effective date: 17 June
• Announcement date: 09 June

Horizon Bank interest rate rise

• June 2022 rate rise: 40 basis points 
• Applies to: Variable rate home loans 
• Effective date: 09 June
• Announcement date: 09 June

HSBC interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans 
• Effective date: 27 June
• Announcement date: 09 June

Hume Bank interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans 
• Effective date: 24 June
• Announcement date: 16 June
• Other info: Hume Bank will also be increasing a number of term deposit rates effective 16 June. 

IMB interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans 
• Effective date: 17 June
• Announcement date: 13 June

ING interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans 
• Effective date: 15 June
• Announcement date: 09 June
• Other info: ING will also increase its highest ongoing variable savings interest rate by 0.75% p.a. as well as a 2.75% per annum fixed personal term deposit rate for 12 months.

loans.com.au interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans 
• Effective date: 22 June
• Announcement date: 21 June

Macquarie Bank interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 17 June
• Announcement date: 08 June
• Other info: In an Australian first, Macquarie Bank will increase the interest rates customers earn on their transaction account by 145 basis points to 1.50% p.a. from June 17. 

ME Bank interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 18 June
• Announcement date: 08 June
• Other info: ME Bank will also increase term deposit rates with their 12 month rate increasing to 2.75% p.a. from June 9, providing a boost for savers.

MyState Bank interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 20 June
• Announcement date: 08 June
• Other info: MyState Bank will also increase term deposit rates by up to 1.85%. Further, MyState Bank Bonus Saver account will receive the full 0.50% increase effective 15 June taking it to 1.60% p.a. 

NAB interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 17 June
• Announcement date: 08 June
• Other info: NAB will also offer a special 12-month Term Deposit interest rate of 2.25% p.a. from June 17.

Nano interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 20 June
• Announcement date: 15 June

Newcastle Permanent interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 17 June
• Announcement date: 09 June
• Other info: Newcastle Permanent will also offer a special 12-month Term Deposit interest rate of 2.25% p.a. from June 14.

OneTwo Home Loans interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 28 June
• Announcement date: 20 June

P&N Bank interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 28 June
• Announcement date: 13 June
• Other info: P&N Bank will also be passing on a 0.30% p.a. increase savings accounts and a 1.00% p.a. increase across some term deposits.

People's Choice interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 21 June
• Announcement date: 15 June
• Other info: People's Choice will also increase term deposits by up to 1.35% p.a. from 17 June. 

QBank interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 21 June
• Announcement date: 15 June

Qudos Bank interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 23 June
• Announcement date: 09 June
• Other info: Qudos Bank will also be passing on a 0.40% increase across some savings accounts.

RACQ Bank interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 16 June
• Announcement date: 10 June
• Other info: RACQ Bank will also be passing on an increase to term deposit interest rates by up to 1.00% p.a. effective from 16 June.

RAMS interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 21 June
• Announcement date: 08 June

Reduce Home Loans interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 30 June
• Announcement date: 08 June

Resimac interest rate rise

• June 2022 rate rise: 75 basis points
• Applies to: Variable rate home loans
• Effective date: 21 June
• Announcement date: 15 June

St George interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 21 June
• Announcement date: 08 June

Suncorp Bank interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 17 June
• Announcement date: 09 June
• Other info: Suncorp Bank will also introduce a new term deposit rate of 2.30% p.a. for 12 months, and increase Growth Saver account by 0.70% p.a.

Tic:Toc interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 23 June
• Announcement date: 23 June

UBank interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 16 June
• Announcement date: 16 June

Virgin Money interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans 
• Effective date: 14 June
• Announcement date: 08 June

Well home loans interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 23 June
• Announcement date: 22 June

Westpac interest rate rise

• June 2022 rate rise: 50 basis points
• Applies to: Variable rate home loans
• Effective date: 21 June
• Announcement date: 07 June
• Other info: Westpac is also introducing a term deposit rate of 2.25% per annum for 12 months to support customers with their savings from 9 June. Other deposit interest rates remain under review.