The Reserve Bank of Australia (RBA) has lifted the cash rate another 50 basis points, taking it to 2.35%. 

Economists across the big-four banks were all in agreement, having previously forecast another 50 basis point cash rate increase in September.

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 6 September 2022.

Last updated: 30/09/2022. 

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

ANZ Head of Australian Economics David Plank noted when the RBA Governor speaks on Thursday, a softer tone may be adopted with the policy rate now close to neutral.

"[RBA Governor Philip] Lowe may say something to the effect that the RBA may be able to consider increases of less than 50 basis points in future meetings," Mr Plank said.

"Regardless of what Lowe does say, it will be the data that matters.

"Given our expectations, we think a 50 basis point rate hike in October is more likely than 25 basis points."

ANZ interest rate rise

  • September 2022 rate rise: 50 basis points 
  • Applies to: Variable rate home loans 
  • Effective date: 16 September 2022
  • Announcement date: 9 September 2022

ANZ has not announced any changes to savings rates in line with the increase to the cash rate.

CommBank

CommBank Head of Australian Economics Gareth Aird said from a cash flow perspective, home borrowers have barely felt the impact of the RBA's rapid 225 basis points' worth of tightening since May.

"There is on average a three month lag between an RBA rate hike and when CBA borrowers on variable rate mortgages experience an increase in their home loan repayments," Mr Aird said.

"(This) largely explains why the official spending data has remained strong but consumer sentiment sits at levels associated with a recession."

Commonwealth Bank interest rate rise

  • September 2022 rate rise: 50 basis points
  • Applies to: Variable rate home loans
  • Effective date: 16 September 2022
  • Announcement date: 9 September 2022
  • Other info: CommBank will also increase savings rates to its GoalSaver and YouthSaver accounts by 0.60% to 2.10% p.a. and 2.30% p.a. respectively

NAB

In similar fashion to ANZ, NAB anticipates policy will be back within the normal range as a result of the September cash rate hike.

NAB Chief Economist Ivan Colhoun said smaller 25 basis point increments are expected as rates move above neutral to 2.85% by November.

"At which time we expect the RBA to hold rates until February, as it assesses the impact of previous tightening, given the known lags in policy," Mr Colhoun said.

NAB interest rate rise

  • September 2022 rate rise: 50 basis points
  • Applies to: Variable rate home loans
  • Effective date: 16 September 2022
  • Announcement date: 9 September 2022

NAB has not announced any changes to savings rates in line with the increase to the cash rate, instead noting more than 20 increases on savings products have been made since 1 May.

Westpac

Westpac Chief Economist Bill Evans said raising the cash rate by 50 basis point in September will move the cash rate into the 'neutral zone' - one that promotes neither economic growth nor contraction.

"Having quickly moved policy into that neutral zone - 225 basis points in four months - we expect the Board will decide to slow the pace of increases to 25 basis points from the October meeting," Mr Evans said. 

The RBA has previously assessed the neutral cash rate at 'at least 2.5%'. 

Westpac interest rate rise

  • September 2022 rate rise: 50 basis points
  • Applies to: Variable home loan rates
  • Effective date: 20 September 2022
  • Announcement date: 12 September 2022
  • Other info: Westpac will also increase its Westpac Life total variable rate with bonus interest by 0.50% p.a. to 2.35% p.a. The Westpac Bump Savings (for under 18's) total variable rate will increase by 0.65% to 2.35%. Customers will also be able to access a new Term Deposit offer of 3.25% p.a. for 12-23 months, effective 13 September.

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Other lenders

AMP interest rate rise

  • September 2022 rate rise: 50 basis points
  • Applies to: Variable rate home loans
  • Effective date: 16 September 2022 for new customers, and 19 September 2022 for existing customers
  • Announcement date: 12 September 2022

Athena interest rate rise

  • September 2022 rate rise: 50 basis points
  • Applies to: Variable rate home loans
  • Effective date: 13 September 2022
  • Announcement date: 12 September 2022

Australian Military Bank interest rate rise

  • September 2022 rate rise: 50 basis points
  • Applies to: Variable rate home loans
  • Effective date: 27 September 2022
  • Announcement date: 13 September 2022
  • Other info: Australian Military Bank will also be increasing it’s DIY Super Saver rate by 0.50% to 2.15% and it’s Online Saver Account bonus rate on 1 October 2022 by 0.30% to offer a maximum rate of 2.50%.

Australian Unity interest rate rise

  • September 2022 rate rise: 30 to 50 basis points
  • Applies to: Variable rate home loans
  • Effective date: 16 September 2022
  • Announcement date: 8 September 2022

Auswide Bank interest rate rise

  • September 2022 rate rise: 50 basis points
  • Applies to: Variable rate home loans
  • Effective date: 20 September 2022
  • Announcement date: 7 September 2022

Bank Australia interest rate rise

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

Bank of Melbourne interest rate rise

  • September 2022 rate rise: 50 basis points
  • Applies to: Variable rate home loans
  • Effective date: 20 September 2022
  • Announcement date: 12 September 2022

Bank of Queensland (BOQ) interest rate rise

  • September 2022 rate rise: 50 basis points
  • Applies to: Variable rate home loans
  • Effective date: 16 September 2022
  • Announcement date: 12 September 2022

Bank of Sydney interest rate rise

  • September 2022 rate rise: 50 basis points
  • Applies to: Variable rate home loans
  • Effective date: 15 September 2022
  • Announcement date: 13 September 2022
  • Other info: Bank of Sydney will also increase rates across deposit products by up to 60 basis points effective 15 September. 

Bank of us interest rate rise

  • September 2022 rate rise: 50 basis points
  • Applies to: Variable rate home loans
  • Effective date: 21 September 2022
  • Announcement date: 12 September 2022

Bank First interest rate rise

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

BankSA interest rate rise

  • September 2022 rate rise: 50 basis points
  • Applies to: Variable rate home loans
  • Effective date: 20 September 2022
  • Announcement date: 12 September 2022

BankVic interest rate rise

  • September 2022 rate rise: 45 basis points
  • Applies to: Variable rate home loans
  • Effective date: 20 September 2022
  • Announcement date: 12 September 2022

    Bankwest interest rate rise

    • September 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 16 September 2022
    • Announcement date: 8 September 2022
    • Other info: Bankwest will also increase their Variable Hero Bonus Rate by 50 basis points to 2.50% p.a. for balances up to $250,000, and its Easy Saver Rate for balances up to $50,000 (new rate: 2.35% p.a.).

    BCU interest rate rise

    • September 2022 rate rise: 10 to 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 28 September 2022
    • Announcement date: 19 September 2022

    Bendigo Bank interest rate rise

    • September 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 16 September 2022
    • Announcement date: 9 September 2022

    Beyond Bank interest rate rise

    • September 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 24 October 2022
    • Announcement date: 16 September 2022

    Citi interest rate rise

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

    Defence Bank interest rate rise

    • September 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 19 September 2022
    • Announcement date: 18 September 2022

    G&C Mutual Bank interest rate rise

    • September 2022 rate rise: 50 basis points
    • Applies to: Variable rate home loans
    • Effective date: 14 October 2022
    • Announcement date: 19 September 2022

          Gateway Bank interest rate rise

          • September 2022 rate rise: 50 basis points
          • Applies to: Variable rate home loans
          • Effective date: 14 September 2022
          • Announcement date: 13 September 2022

          Great Southern Bank interest rate rise

          • September 2022 rate rise: 50 basis points
          • Applies to: Variable rate home loans
          • Effective date: 20 September 2022
          • Announcement date: 13 September 2022

          Greater Bank interest rate rise

          • September 2022 rate rise: 45 basis points
          • Applies to: Variable rate home loans
          • Effective date: 14 September 2022
          • Announcement date: 8 September 2022
          • Other info: Greater Bank's popular three-month term deposit rate will increase to 1.60%p.a. Additionally, Life Saver account holders will receive a 50-point increase to 1.50%.

          Heritage Bank interest rate rise

          • September 2022 rate rise: 50 basis points
          • Applies to: Variable rate home loans
          • Effective date: 20 September 2022
          • Announcement date: 13 September 2022

          Homeloans.com.au interest rate rise

          • September 2022 rate rise: 65 basis points
          • Applies to: Variable rate home loans
          • Effective date: 23 September 2022
          • Announcement date: 23 September 2022

          Homestar Finance interest rate rise

          • September 2022 rate rise: 50 basis points
          • Applies to: Variable rate home loans
          • Effective date: 8 September 2022
          • Announcement date: 6 September 2022

          Horizon Bank interest rate rise

          • September 2022 rate rise: 50 basis points
          • Applies to: Variable rate home loans
          • Effective date: 9 September 2022
          • Announcement date: 8 September 2022

          Hume Bank interest rate rise

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

          IMB interest rate rise

          • September 2022 rate rise: 50 basis points
          • Applies to: Variable rate home loans
          • Effective date: 19 September 2022
          • Announcement date: 13 September 2022
          • Other info: IMB will also increase the bonus rate on IMB’s Reward Saver by 50 basis points taking it to 2.50% p.a. 

          ING interest rate rise

          • September 2022 rate rise: 50 basis points
          • Applies to: Variable rate home loans
          • Effective date: 15 September 2022
          • Announcement date: 12 September 2022
          • Other info: ING will also increase rates for savers, with its Savings Maximiser account increasing to 3.60% p.a. For savers with over $150,000, ING's Savings Accelerator account will increase to 2.60% p.a. 

          Loans.com.au interest rate rise

          • September 2022 rate rise: 50 basis points
          • Applies to: Variable rate home loans
          • Effective date: 9 September 2022
          • Announcement date: 8 September 2022

          Macquarie Bank interest rate rise

          • September 2022 rate rise: 50 basis points
          • Applies to: Variable rate home loans
          • Effective date: 16 September 2022
          • Announcement date: 9 September 2022
          • Other info: Macquarie Bank will also increase its welcome savings rate for the first four-months to 3.70% p.a. Following the first four months, customers will receive a stepped-variable rate of 2.75% p.a. 

          ME Bank interest rate rise

          • September 2022 rate rise: 50 basis points
          • Applies to: Variable rate home loans
          • Effective date: 17 September 2022
          • Announcement date: 12 September 2022

          Mortgage House interest rate rise

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

          MyState Bank interest rate rise

          • September 2022 rate rise: 50 basis points
          • Applies to: Variable rate home loans
          • Effective date: 19 September 2022
          • Announcement date: 8 September 2022

          Nano interest rate rise

          • September 2022 rate rise: 50 basis points
          • Applies to: Variable rate home loans
          • Effective date: 20 September 2022
          • Announcement date: 8 September 2022

          Newcastle Permanent interest rate rise

          • September 2022 rate rise: 50 basis points
          • Applies to: Variable rate home loans
          • Effective date: 16 September 2022
          • Announcement date: 12 September 2022
          • Other info: Newcastle Permanent's 12-month term deposit offer has increased by 0.50% to 3.50% p.a.

          OneTwo Home Loans interest rate rise

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

          P&N Mutual Bank interest rate rise

          • September 2022 rate rise: 20 to 75 basis points
          • Applies to: Variable rate home loans
          • Effective date: 28 September 2022
          • Announcement date: 19 September 2022

          People's Choice interest rate rise

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

          Police Credit Union interest rate rise

          • September 2022 rate rise: 50 basis points
          • Applies to: Variable rate home loans
          • Effective date: 15 September 2022
          • Announcement date: 14 September 2022

          QBANK interest rate rise

          • September 2022 rate rise: 50 basis points
          • Applies to: Variable rate home loans
          • Effective date: 27 September 2022
          • Announcement date: 20 September 2022

          Qudos Bank interest rate rise

          • September 2022 rate rise: 50 basis points
          • Applies to: Variable rate home loans
          • Effective date: 30 September 2022
          • Announcement date: 19 September 2022

          RACQ Bank interest rate rise

          • September 2022 rate rise: 50 basis points
          • Applies to: Variable rate home loans
          • Effective date: 20 September 2022
          • Announcement date: 14 September 2022
          • Other info: RACQ Bank will also increase rates for savers with its 'Bonus Saver' account to increase to 3.10% p.a. 

          RAMS interest rate rise

          • September 2022 rate rise: 50 basis points
          • Applies to: Variable rate home loans
          • Effective date: 20 September 2022
          • Announcement date: 12 September 2022

            St George interest rate rise

            • September 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 20 September 2022
            • Announcement date: 12 September 2022
            • Other info: Set George's Incentive Saver total variable rate with bonus interest will increase by 0.75% p.a. to 2.85% p.a. Customers will also be able to access a new Term Deposit offer of 3.65% p.a. for 12-23 months, effective 13 September.

            Suncorp Bank interest rate rise

            • September 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 16 September 2022
            • Announcement date: 12 September 2022
            • Other info: Suncorp has also increased its 18-month Term Deposit to 3.50% p.a.  

            Teachers Mutual Bank interest rate rise

            • September 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 23 September 2022
            • Announcement date: 16 September 2022

            The Mutual Bank interest rate rise

            • September 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 1 October 2022
            • Announcement date: 20 September 2022

            Tic:Toc interest rate rise

            • September 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 27 September2022
            • Announcement date: 26 September 2022

            ubank interest rate rise

            • September 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 15 September 2022
            • Announcement date: 14 September 2022
            • Other info: ubank will also increase rates for savers with its Save and USave accounts lifting 0.50% to 3.35% p.a. 

            Unloan interest rate rise

            • September 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 18 October 2022

            Virgin Money interest rate rise

            • September 2022 rate rise: 50 basis points
            • Applies to: Variable rate home loans
            • Effective date: 16 September 2022
            • Announcement date: 12 September 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:

            Update resultsUpdate
            Filters
            LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
            6.04% p.a.
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            $2,408
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            Variable
            $0
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            5.90% p.a.
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            • $2,000 for loans up to $700,000
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            More details
            Important Information and Comparison Rate Warning

            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. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. 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 . View disclaimer.

              To see how these rate movements compare with previous RBA rate changes, refer to our past rate change pages:



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