The Reserve Bank of Australia (RBA) has lifted the cash rate by 25 basis points, taking it to 3.85%.
Savings.com.au will provide regular updates below of each lenders' announcements regarding passing on this May 2023 rate hike to variable rate home loans.
All rate changes below refer to lenders’ responses to the RBA’s rate hike on 2 May 2023.
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Key notes:
P&I = Principal and Interest, IO= Interest Only, OO=Owner-occupiers
Basis points explained: 1 basis point = 0.01%
Big-four home loan rate changes
ANZ
ANZ interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 12th May
- Announcement date: 4th May
CommBank
CommBank interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 12th May
- Announcement date: 5th May
NAB
NAB interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 12th May
- Announcement date: 3rd May
Westpac
Westpac interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 16th May
- Announcement date: 4th May
Other lenders' home loan rate changes
86 400 interest rate rise (pending)
Australian Military Bank interest rate rise
Australian Mutual Bank interest rate rise (pending)
Australian Unity interest rate rise
Bank Australia interest rate rise
Bank of Melbourne interest rate rise
Bank of Queensland (BOQ) interest rate rise
Bank of Sydney interest rate rise
Bankfirst interest rate rise (pending)
Bendigo Bank interest rate rise
Beyond Bank interest rate rise
Citi interest rate rise (pending)
Credit Union SA interest rate rise
Defence Bank interest rate rise
G&C Mutual Bank interest rate rise (pending)
Gateway Bank interest rate rise (pending)
Great Southern Bank interest rate rise
Greater Bank interest rate rise
Heritage Bank interest rate rise (pending)
Homeloans.com.au interest rate rise
Homestar Finance interest rate rise
Horizon Bank interest rate rise
Loans.com.au interest rate rise
Macquarie Bank interest rate rise
Mortgage House interest rate rise (pending)
MOVE Bank interest rate rise (pending)
MyState Bank interest rate rise
Newcastle Permanent interest rate rise
OneTwo Home Loans interest rate rise (pending)
P&N Bank interest rate rise (pending)
Peoples Choice interest rate rise
Police Credit Union interest rate rise (pending)
QBank interest rate rise (pending)
Reduce Home Loans interest rate rise (pending)
State Custodians interest rate rise (pending)
Suncorp Bank interest rate rise
Teachers Mutual Bank interest rate rise
The Mutual Bank interest rate rise (pending)
Virgin Money interest rate rise
Well home loans interest rate rise (pending)
Wlth interest rate rise (pending)
AMP interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable-rate home loans
- Effective date: 5 May for new customers, 8 May for existing
- Announcement date: 4th May
Athena interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 12th May
- Announcement date: 4th May
Australian Military Bank interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 16th May
- Announcement date: 5th May
Australian Unity interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 11th May
- Announcement date: 11th May
Auswide interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 11th May
- Announcement date: 5th May
Bank Australia interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 11th May
- Announcement date: 9th May
Bank of Melbourne interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 16th May
- Announcement date: 5th May
Bank of Sydney interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 10th May
- Announcement date: 10th May
BankSA interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 16th May
- Announcement date: 5th May
Bank of Queensland (BOQ) interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 16th May
- Announcement date: 8th May
BankVic interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 16th May
- Announcement date: 15th May
Bankwest interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 12th March
- Announcement date: 5th May
BCU interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 17th May
- Announcement date: 11th May
Bendigo Bank interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 12th May
- Announcement date: 5th May
Beyond Bank interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 17th May
- Announcement date: 17th May
Credit Union SA interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 11th May
- Announcement date: 9th May
Defence Bank interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 15th May
- Announcement date: 15th May
Greater Bank interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 11th May
- Announcement date: 9th May
Great Southern Bank interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 12th May
- Announcement date: 9th May
Homestar Finance interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 11th May
- Announcement date: 11th May
Homeloans.com.au interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 12th May
- Announcement date: 12th May
Horizon Bank interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 9th May
- Announcement date: 9th May
HSBC interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 22nd May
- Announcement date: 22nd May
Hume Bank interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 18th May
- Announcement date: 18th May
IMB Bank interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 16th May
- Announcement date: 16th May
ING interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 12th May
- Announcement date: 5th May
Loans.com.au interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 5th May
- Announcement date: 5th May
Macquarie Bank interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 19th May
- Announcement date: 4th May
ME Bank interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 13th May
- Announcement date: 9th May
MyState Bank interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 15th May
- Announcement date: 5th May
Newcastle Permanent interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 12th May
- Announcement date: 9th May
People's Choice interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 16th May
- Announcement date: 16th May
Qudos Bank interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 11th May
- Announcement date: 18th May
RACQ interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 16th May
- Announcement date: 15th May
Rams Bank interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 17th May
- Announcement date: 9th May
Resimac interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 11th May
- Announcement date: 11th May
St George interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 16th May
- Announcement date: 5th May
Suncorp Bank interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 12th May
- Announcement date: 8th May
Teacher's Mutual Bank interest rate rise
- May 2023 rate rise: 25 basis points (45 basis points for existing customers)
- Applies to: Variable rate home loans
- Effective date: 18th May
- Announcement date: 18th May
Tic Toc interest rate rise
- May 2023 rate rise: 25-35 basis points
- Applies to: Variable rate home loans
- Effective date: 19th May
- Announcement date: 19th May
UBank interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 11th May
- Announcement date: 11th May
Unloan interest rate rise
- May 2023 rate rise: 35 basis points
- Applies to: Variable rate home loans
- Effective date: 2nd June
- Announcement date: 1st June
Unibank interest rate rise
- May 2023 rate rise: 25 basis points (45 basis points for existing customers)
- Applies to: Variable rate home loans
- Effective date: 18th May
- Announcement date: 18th May
Virgin Money interest rate rise
- May 2023 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 9th May
- Announcement date: 9th May
Yard interest rate rise
- May 2023 rate rise: 30 basis points
- Applies to: Variable rate home loans
- Effective date: 19th May
- Announcement date: 19th May
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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:
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.04% p.a. | 6.06% p.a. | $2,408 | Principal & Interest | Variable | $0 | $530 | 90% | 4.6 Star Customer Ratings | ||||||||||
5.99% p.a. | 5.90% p.a. | $2,396 | Principal & Interest | Variable | $0 | $0 | 80% | Featured Apply In Minutes |
| |||||||||
5.94% p.a. | 5.95% p.a. | $2,383 | Principal & Interest | Variable | $0 | $0 | 90% | No hidden feesFree redraw facility |
To see how these rate movements compare with previous RBA rate changes, refer to our past rate change pages:
- March 2023 rate hike
- February 2023 rate hike
- December 2022 rate hike
- November 2022 rate hike
- October 2022 rate hike
- September 2022 rate hike
- August 2022 rate hike
- 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
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