Finder makes money from featured partners, but editorial opinions are our own.

RBA cash rate rise: Find out if your lender is lifting interest rates now


We're tracking every lender increasing home loan interest rates off the back of the RBA's rate hike.

The Reserve Bank of Australia has lifted the official cash rate for the first time in over a decade. A 25 basis points rise in the cash rate means home loan rates for many borrowers are going to rise.

Several lenders have already announced rates will rise for new and existing borrowers. Here's a list of lenders raising rates. We will be updating this list as more lenders announce rate rises.

Which lenders are raising home loan rates?

LenderNew rate*ChangeEffective date
CBA2.54%+.2520 May
NAB2.44%+.2513 May
Westpac2.44%+.2517 May
ANZ2.54%+.2513 May
Bankwest2.44%+.2518 May
Horizon Bank2.84%+.254 May
St.George2.34%+.2517 May
Bank of Melbourne2.34%+.2517 May
BankSA2.34%+.2517 May
RAMS2.69%+.2517 May
Suncorp2.37%+.2518 May
Athena2.24%+.255 May
AMP2.47%+.2513 May

*Note that we've chosen the lowest variable owner-occupier rate for each lender above. Most of these loans are available for borrowers with 20% deposits. But some rates are for borrowers with 30% deposits.

Several lenders have also announced interest rates on savings accounts will rise off the back of the RBA's decision. This means you can earn a little more interest on the money in your savings account.

How much will this rate rise cost me?

Even a small rise in your interest rate can cost you a lot more in repayments. And the bigger your loan, the more you'll end up paying. Here's a quick example using a low interest rate and the average home loan size.

Loan repayments before rates rise

  • Loan amount: $595,869
  • Loan term: 30 years
  • Interest rate prior to rate rise: 2.10%
  • Monthly repayments = $2,232

Loan repayments after rates rise

  • Loan amount: $595,869
  • Loan term: 30 years
  • Interest rate after rate rise: 2.35%
  • Monthly repayments = $2,308

In this scenario, a 25 basis points rise in interest rates costs you $76 a month. That's $912 a year extra.

My lender has lifted my rate: What do I do?

If your interest rate has just risen, it's a good idea to compare against other loans on the market. You may find you can get a better deal. That's true even if rates are rising across the board.

But if you find your rate is still quite competitive, then you might want to stay on your current loan for a while. Rates may continue to rise over the next few months, so it's worth checking every now and then to make sure you're still on a low rate.

My lender hasn't lifted my rate: Am I safe?

Not every lender increases rates immediately. Some may announce rate changes later. Some may decide not to lift rates. And yes, some lenders may even lift rates without telling customers.

So it's a really good idea to check in on your lender's website over the next few days and weeks to see if it has lifted rates. And check your home loan via your online banking site or app to see if your rate is higher now.

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

Get more from Finder

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site