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RBA rate rise: Which lenders are passing on the increase?

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The RBA has increased the cash rate for the sixth month in a row – it now sits at 2.60%.

The Reserve Bank of Australia (RBA) has continued its fight against rising inflation by announcing another cash rate rise. The cash rate now sits at 2.60% – that's 250 basis points higher than just 6 months ago.

The RBA began raising the cash rate in May with an increase of 25 basis points. For 4 consecutive months, it increased the rate by 50 basis points. While many expected the RBA to make another 50 basis point increase in October, it stuck to a more conservative 25 basis point increase.

Although that move is more meagre than previous months, any increase is pinching the pockets of borrowers who are facing higher mortgage repayments and the cost of living crisis. Banks and lenders will change their variable rate home loans based on the cash rate set by the RBA.

Lenders often take days, or even weeks, to make their interest rate announcements; however, some lender announcements came through within a couple of hours of this week's decision. We will update the table below as further interest rate information comes through.

LenderNew rateChangeEffective date
CBA4.54%+0.25%14 October
NAB4.49%+0.25%14 October
Westpac4.34%+0.25%14 October
ANZ4.54%+0.25%14 October
Suncorp4.41%+0.25%14 October
Macquarie4.44%+0.25%14 October
Bendigo Bank4.29%+0.25%14 October
Adelaide Bank4.38%+0.25%14 October
Bank of Queensland4.44%+0.25%14 October
Bankwest5.48%+0.25%14 October
ME Bank4.29%+0.25%15 October
ING4.34%+0.25%11 October

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

Feeling the pinch?

Rising interest rates are putting increased pressure on Australian households. If you're worried about rising repayments, here are some steps to take:

  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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