CBA, ANZ, Westpac & NAB raise home loan rates: Has your lender hiked rates yet?
The RBA increased the cash rate to 4.10% this week.
Within a few hours of the Reserve Bank decision to increase the cash rate, lender announcements started coming in about variable rates rising in line with it.
The big 4 banks are all passing on the full rate hike. Westpac is giving borrowers an extra few days of grace by delaying the increase until the end of the month, while CBA, NAB and ANZ rates will go up on 27th March.
Most of the larger banks have also passed on the full rate cut, including ING, AMP, Bankwest, Bendigo Bank and Suncorp.
Macquarie has also passed on the full 25 basis point cut, but it won't be in effect until the 2nd of April.
Across the banks which have announced increases so far, rates are changing as early as this weekend (21st March) and as late as 9th April.
Track rate changes
See which lenders have passed on the rate hikes and when they come into effect.
Your lender is raising interest rates… now what?
Before you do anything it's important to take a look at what your home loan interest rate is. A Finder survey conducted last year showed that more than half of Australian mortgage holders didn't know what their interest rate was.
Once you know your rate, head to Finder's comparison tables to check how it compares to other rates on the market.
You might have a pretty good rate already - even if it hurts right now - and you don't need to do anything!
But most Aussie borrowers are actually paying about 0.25% more than the lowest interest rate on the market. That's the equivalent of getting a rate cut!
If you know you can get a better rate with another lender, the first thing you should do is call your existing lender. Lenders will often offer discounted rates to lure in new customers. If you call them and tell them you're thinking of leaving for a cheaper rate, they may be willing to lower your interest rate to the discounted one.
Otherwise, take a look at the costs of refinancing. Check for any fees that might come with paying off your existing home loan and applying for a new home loan.
If you're really struggling with mortgage repayments and you're not in a position to refinance, your first port of call should be to speak to your lender. Even if they can't switch you to a lower interest rate, they may be able to take other steps like restructuring your home loan or arranging a repayment pause.
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