RBA cash rate: Which lenders are raising their interest 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 the cash rate for the fourth month in a row.
If the last 3 months are anything to go by, we're expecting lenders to start increasing their home loan rates over the next few days. Typically, they have been moving in line with the RBA cash rate, meaning your variable rate home loan could be increasing by another 50 basis points.
That's on top of the last two months' increases of 50 basis points and May's 25 basis points - meaning your home loan rate could be 1.75% higher than it was in April.
Lenders may take days or weeks announce rate rises, but we're tracking every move in the table below.
| Lender | New rate | Change | Effective date |
|---|---|---|---|
| CBA | 3.89% | + 50bps | August 12, 2022 |
| NAB | 3.94% | + 50bps | August 12, 2022 |
| Westpac | 3.74% | + 50bps | August 18, 2022 |
| ANZ | 3.69% | + 50bps | August 12, 2022 |
| Athena Home Loans | 3.89% | + 50bps | August 04, 2022 |
| My State Bank | 3.79% | + 50bps | August 15, 2022 |
| Bendigo Bank | 3.94% | + 50bps | August 12, 2022 |
| Adelaide Bank | 3.79% | + 50bps | August 12, 2022 |
| Homestar Finance | 3.80% | + 50bps | August 04, 2022 |
| Macquarie Bank | 3.69% | + 50bps | August 12, 2022 |
*For each lender we've chosen the lowest variable owner-occupier rate for a borrower with a 20% deposit.
In some cases there have been changes to fixed rates. Athena Home Loans has made changes to some of its fixed rate products, with some advertised rates actually dropping.
Lenders have also been announcing increases to interest rates on savings accounts.
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:
- Check your current interest rate. You need to start by looking at your current rate and how much your repayments cost each month.
- Look out for communication from your lender. When your rate rises your lender should notify you.
- Recalculate your loan repayment costs. Check how much the rate rise will cost you with a mortgage repayment calculator.
- 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.
