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RBA cash rate: When is your lender raising rates?


We're tracking every lender that has announced a rise in home loan rates off the back of the RBA cash rate decision.

The Reserve Bank has increased rates once again. This is the third straight increase in 3 months.

In short: If you have a variable rate home loan, expect your lender to add another 50 basis points to your home loan rate. That's on top of last month's 50 basis points and May's 25 basis points.

It's more a question of when than if. Lenders may take days or weeks announce rate rises, but we're tracking every move in the table below.

LenderNew rateChangeEffective date
CBA3.39%50 basis points15 July
NAB3.44%50 basis points15 July
Westpac3.24%50 basis points20 July
ANZ3.54%50 basis points15 July
Macquarie Bank3.39%50 basis points14 July
ING3.49%50 basis points12 July
MyState Bank3.49%50 basis points18 July basis points8 July
Bank of Queensland3.43%50 basis points8 July
Suncorp3.33%50 basis points15 July
ME Bank3.44%50 basis points9 July

*For each lender we've chosen the lowest variable owner-occupier rate for a borrower with a 20% deposit.

Lenders have also announced increases to interest rates on savings accounts, which is one upside to the news.

What to do when your rate goes up

Interest rate rises are a fact of life. But the recent rate increases have been hard and fast. Here are some tips to put yourself in a better position:

  1. Check your current interest rate. You need to start by looking at your current rate and how much your repayments cost each month.
  2. Look out for communication from your lender. When your rate rises your lender should notify you.
  3. Recalculate your loan repayment costs. Check how much the rate rise will cost you with a mortgage repayment calculator.
  4. Consider switching to a better deal. Once you have a clear idea of your interest rate and costs, look for a better deal on the market and consider switching.

This article has been updated several times as more lenders announce rate decisions.

Want to switch to a better home loan deal? Check out our home loan refinance guide.

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