The Reserve Bank of Australia (RBA) has lifted the cash rate by 25 basis points, taking it to 2.60%.
Savings.com.au will provide regular updates below of each lenders' announcements regarding passing on this September 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 4 October 2022.
Editor's Note (1/11/22): Check out the November RBA Rate Hike page to see the latest rate rise announcements.
Last updated: 20/10/2022.
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 interest rate rise
- Commonwealth Bank interest rate rise
- NAB interest rate rise
- Westpac interest rate rise
ANZ
ANZ will increase variable interest rates across home loans by 25 basis points from 14 October.
Savers will benefit from the latest increase to the cash rate, with digital app-only ANZ Plus Save accounts receiving a boost to 3.25% p.a. from 12 October.
ANZ interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 14 October 2022
- Announcement date: 04 October 2022
CommBank
The Commonwealth Bank will increase variable interest rates across home loans by 25 basis points from 14 October.
CommBank Group Executive of Retail Banking Angus Sullivan said while it is clear customers are feeling the impact of rising cost of living and the impact of higher interest rates on their home loan repayments, they are taking a proactive approach to managing their finances.
“We are seeing more and more customers taking advantage of tools available to manage their finances in the face of rising living costs," Mr Sullivan said.
"This includes a 10% increase in the number of customers taking advantage of offset accounts, which can help reduce the cost of mortgage repayments.
"Customers are also aligning timing of their mortgage payments with when their salary is paid, helping them to better budget their money.”
Australia's largest bank will also increase a number of savings and deposit products by up to 1.35% p.a.
CommBank interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 14 October 2022
- Announcement date: 04 October 2022
NAB
National Australia Bank will increase variable interest rates on home loans by 25 basis points on 14 October.
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.
“Our home loan specialists can help with a financial health check to make sure you’re on the best rate for your situation and our NAB Assist team is on standby for those who need additional help.
“The best first step is a conversation with us so we can find the best way to look after you – the earlier the better.”
NAB interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 14 October 2022
- Announcement date: 04 October 2022
Westpac
Westpac will increase variable interest rates on home loans by 25 basis points on 18 October.
Savers will also be rewarded with Westpac increasing its Westpac Life account to 2.60% p.a., Spend&Save account for 18-29 year olds to 3.75% p.a. and eSaver account to 2.55% p.a. for the first five months.
Westpac Chief Executive Consumer & Business Banking Chris de Bruin said we know that many of our customers are looking at their finances to help manage changes to their household budgets.
“We’re increasing the interest rates on a range of deposit products including our flagship Westpac Life account where most customers will receive a rate of 2.60% p.a.," Mr de Bruin said.
“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.
“We’re continuing to monitor the situation and bolster our customer support teams so we can help customers navigate the evolving rate cycle."
Westpac interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 18 October 2022
- Announcement date: 04 October 2022
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Other lenders
Athena interest rate rise (pending)
Australian Military Bank interest rate rise
Australian Mutual Bank interest rate rise (pending)
Australian Unity 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
Bank of Sydney interest rate rise (pending)
BankVic 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 (pending)
Defence Bank interest rate rise (pending)
G&C Mutual Bank interest rate rise
Gateway Bank interest rate rise (pending)
Great Southern Bank interest rate rise (pending)
Greater Bank interest rate rise (pending)
Heritage Bank interest rate rise
Homeloans.com.au interest rate rise (pending)
Homestar Finance interest rate rise (pending)
Horizon Bank interest rate rise (pending)
HSBC interest rate rise (pending)
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 (pending)
OneTwo Home Loans interest rate rise (pending)
P&N Bank interest rate rise (pending)
People's Choice interest rate rise (pending)
Police Credit Union interest rate rise (pending)
RAMS interest rate rise (pending)
Reduce Home Loans interest rate rise (pending)
Resimac interest rate rise (pending)
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 (pending)
UniBank interest rate rise (pending)
Virgin Money interest rate rise
Well home loans interest rate rise (pending)
Wlth interest rate rise (pending)
Yard interest rate rise (pending)
AMP interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 14 October 2022 for new customers, 17 October 2022 for existing customers
- Announcement date: 06 October 2022
Australian Military Bank interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 18 October 2022
- Announcement date: 11 October 2022
- Other info: Australian Military Bank will also increase rates for savers with DIY Super Saver increasing to 2.40% and Online Saver Account to 2.75%.
Australian Unity interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 14 October 2022
- Announcement date: 13 October 2022
Auswide Bank interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 13 October 2022
- Announcement date: 06 October 2022
Bank Australia interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 13 October 2022
- Announcement date: 07 October 2022
Bank of Melbourne interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 18October 2022
- Announcement date: 06 October 2022
- Other info: Bank of Melbourne will also increase rates for savers with its Incentive Saver and Maxi Saver accounts increasing by 0.30% to 3.15% p.a.
Bank of Queensland interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 14 October 2022
- Announcement date: 06 October 2022
Bank first interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 21 October 2022
- Other info: Bank first will also increase savings accounts rate effective 21 October.
BankSA interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 18 October 2022
- Announcement date: 06 October 2022
- Other info: Bank of Melbourne will also increase rates for savers with its Incentive Saver and Maxi Saver accounts increasing by 0.30% to 3.15% p.a.
Bankwest interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 14 October 2022
- Announcement date: 06 October 2022
- Other info: Bankwest will also increase its Variable Hero Bonus Rate to 2.75% p.a. for balances up to $250,000, and its Easy Saver Rate to 2.60% p.a. for balances up to $50,000.
bcu interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 18 October 2022
- Announcement date: 11 October 2022
- Other info: bcu will also increase deposit and savings account rates by o.25% and 0.20% respectively effective October 14 and 18.
Bendigo Bank interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 14 October 2022
- Announcement date: 07 October 2022
- Other info: As of 26 October, Bendigo Bank will also increase the rate on its Reward Saver deposit products by 0.25% p.a.
Beyond Bank interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 18 October 2022
- Announcement date: 14 October 2022
G&C Mutual Bank interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 10 October 2022
Heritage Bank interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 18 October 2022
Hume Bank interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 19 October 2022
- Announcement date: 17 October 2022
IMB Bank interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 14 October 2022
- Announcement date: 07 October 2022
- Other info: IMB Bank will also increase its 12-month term deposit rate by 0.30% to 3.40% p.a.
ING interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 11 October 2022
- Announcement date: 06 October 2022
- Other info: ING will also increase rates for savers by up to 45 basis points, taking its Savings Maximiser rate to 4.05% p.a. ING's Savings Accelerator account also increased by 20 basis points to 2.80% p.a.
loans.com.au interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 7 October 2022
- Announcement date: 06 October 2022
Macquarie Bank interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 14 October 2022
- Announcement date: 04 October 2022
- Other info: Macquarie Bank will also increase rates for savers by up to 45 basis points. Macquarie Bank will offer a 4-month welcome rate of 4.00% p.a. for new customers from 6 October 2022. Macquarie Bank will also offer a 12-month term deposit rate of 3.80% p.a. from 4 October 2022.
ME Bank interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 15 October 2022
- Announcement date: 06 October 2022
MyState Bank interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 17 October 2022
- Announcement date: 05 October 2022
- Other info: MyState Bank will also increase its Bonus Saver account to 3.60% from the 12th of October. To receive this rate up to $250,000, customers require $20 deposit per month and complete five transactions.
Nano interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 11 October 2022
- Announcement date: 05 October 2022
QBank interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 26 October 2022
- Announcement date: 18 October 2022
- Other info: QBANK will also be increasing interest rates on a range of deposit products from 26 October 2022.
Qudos Bank interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 20 October 2022
- Announcement date: 12 October 2022
- Other info: Qudos Bank will also increase savings rates across a number of accounts by 0.25% from 20 October.
RACQ Bank interest rate rise
- October 2022 rate rise: 15 basis points
- Applies to: Variable rate home loans
- Effective date: 18 October 2022
- Announcement date: 11 October 2022
- Other info: RACQ Bank will also increase interest rates on selected savings accounts and term deposits by up to 0.25% p.a.
St George interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 18 October 2022
- Announcement date: 6 October 2022
- Other info: St George will also increase rates for savers with its Incentive Saver and Maxi Saver accounts increasing by 0.30% to 3.15% p.a.
Suncorp Bank interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 14 October 2022
- Announcement date: 04 October 2022
Tic:Toc interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Existing variable rate home loans
- Effective date: 21 October 2022
ubank interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 13 October 2022
- Announcement date: 13 October 2022
- Other info: ubank has also increased rates for savers with Save and USave accounts lifting to 3.60% p.a.
Unloan interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 18 November 2022
- Announcement date: 18 October 2022
Virgin Money interest rate rise
- October 2022 rate rise: 25 basis points
- Applies to: Variable rate home loans
- Effective date: 14 October 2022
- Announcement date: 06 October 2022
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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:
- 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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