June RBA rate hike: Which banks have increased home loan rates?
Last Updated: 10:20 am 14 June 2022
This month, the Reserve Bank announced another cash rate hike – this time by 50 basis points to 0.85%.
We have already seen several banks pass on the previous rate hike to their customers with many increasing their variable rate home loans by at least 0.25%. With rate increases across the board, we also said goodbye to the last fixed rate loans starting with a ‘1’ in late May.
While the RBA cash rate tends to affect variable home loan rates, we are seeing an increase in fixed interest rates, too. Before today's announcement, big banks like CommBank and ANZ had already increased their fixed rates.
Many homeowners might have already seen their home loan repayments go up in the last couple of weeks. However, that’s just the beginning. Chances are that this will not be the last increase we’ll see, as Westpac predicts that rates will go up to 1.75% by the end of the year.
Just like last month, responses from banks and lenders will vary and you might expect some to announce their new rates quicker than others.
To help you keep track, this page will regularly be updated with significant changes from major and minor lenders as they come in, including the size of the hike and when it’ll go into effect.
Below is a snapshot of the average owner occupier home loan rates in our database as of June 7, 2022 to use as a reference point. Keep in mind that these are likely to jump further in the coming week:
Loan type | Average rate |
Variable | 3.23% p.a. |
1-year fixed | 3.58% p.a. |
2-year fixed | 4.24% p.a. |
3-year fixed | 4.67% p.a. |
4-year fixed | 5.10% p.a. |
5-year fixed | 5.20% p.a. |
Big Four
Westpac
- Effective 21 June, Westpac's variable interest rates will increase by 0.50% p.a.
- It will also introduce a 12 month term deposit of 2.25% p.a.
Commonwealth Bank
- Effective 17 June, CommBank will increase its variable home loan interest rates by 0.50% p.a.
- It will also increase the bonus interest rates of its GoalSaver and YouthSaver accounts by 0.50% p.a.
- They are also extending the availability of its 18-month term deposit of 2.25% p.a.
ANZ
- Effective 17 June, ANZ will increase its home loan variable interest rates by 0.50% p.a.
- Effective 13 June, the bank will offer 2.25% p.a. for its 11-month term deposit.
NAB
- Effective 17 June, NAB will increase its home loan variable interest rates by 0.50% p.a.
- It will also offer a special 12-month term deposit with an interest rate of 2.25% p.a.
Banks
Bank of Queensland
- Effective 14 June, Bank of Queensland will increase its variable home loan interest rates by 0.50% p.a.
ME Bank
- Effective 18 June, ME Bank will increase its variable home loan interest rates by 0.50% p.a.
Macquarie Bank
- Effective 17 June, Macquarie will increase its variable home loan interest rates by 0.50% p.a.
ING
- Effective 15 June, ING will increase its variable home loan interest rates by 0.50%.
- It also increased its ongoing variable savings interest rate by 0.75% p.a.
- Effective 10 June, 12 month term deposit rates will go up to 2.75% p.a.
Bankwest
- Effective 17 June, Bankwest will increase its variable home loan interest rates by 0.50% p.a.
- Also bonus interest rate for some savings accounts will increase by 0.50% p.a.
Suncorp
- Effective 15 June, Suncorp will increase its home loan variable interest rates by 0.50% p.a.
Bendigo and Adelaide Bank
- Effective 17 June, Bendigo and Adelaide Bank will increase its variable home loans interest rates by 0.50% p.a.
- It will also increase many of its deposits products by 0.50% p.a.
Auswide Bank
- Effective 22 June, Auswide will increase its variable home loan and business loan interest rates by 0.50% p.a.
- Effective 14 June, select term deposits will also be increased.
IMB Bank
- Effective 17 June, IMB Bank will increase its variable home loans interest rates by 0.50% p.a.
Heritage Bank
- Effective 20 June, Heritage Bank will increase its variable interest rate home loans by 0.50% p.a.
Greater Bank
- Effective 16 June, Greater Bank will increase its home loan variable interest rates by 0.50% p.a.
Great Southern Bank
- Effective 22 June, Great Southern Bank will increase its home loans variable interest rates by 0.50% p.a.
BCU
- Effective 28 June, BCU will lift its variable home loans by 0.50% p.a.
- It will also increase its savings accounts rates by 0.55% p.a.
- Effective 17 June, term deposits will increase by 0.55% p.a.
Bank of Us
- Effective 17 June, Bank of Us will increase its variable interest rates for its home loans by 0.50% p.a.
Bank First
- Effective 24 June, Bank First will increase its home loan variable interest rates by 0.50% p.a.
Online Lenders
Loan details
Repayment change if rates go up
Virgin Money
- Effective 14 June, Virgin Money will increase its variable home loan interest rates by 0.50% p.a.
RACQ
- Effective 23 June, RACQ will increase its variable home loan interest rates (except its Green Home Loans) by 0.50% p.a.
- Term deposits will also increase by 1.00%
Homestar Finance
- Effective 17 June, Homestar will increase its owner occupier variable home loan interest rates by 0.46% p.a. and 0.50% p.a. for investors.
Thinking about getting a home loan? Check out our home loan comparison page for more information. Alternatively, check out our home loan rate change calculator to see how the new hike might affect your repayments.
Home loan comparisons on Mozo - last updated 26 April 2024
-
Featured Product
Mozo experts choice awards won:
- Low Cost Home Loan - 2024
Unloan Variable
Owner Occupier, LVR <80%
interest rate
comparison rate
Initial monthly repayment5.99% p.a. variable5.90% p.a.Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
CompareCompareUnloan Variable
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
- interest rate
- 5.99% p.a. variable
- comparison rate
- 5.90% p.a.
- interest rate
- 5.99% p.a. variable
- comparison rate
- 5.90% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $10,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Unloan Unloan Variable
-
Mozo experts choice awards won:
- Exceptional Value Home Lender - 2024
Express Home Loan
Owner Occupier, Principal & Interest, LVR <90%
interest rate
comparison rate
Initial monthly repayment6.01% p.a. variable6.14% p.a.Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.
CompareCompareExpress Home Loan
Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.
- interest rate
- 6.01% p.a. variable
- comparison rate
- 6.14% p.a.
- interest rate
- 6.01% p.a. variable
- comparison rate
- 6.14% p.a.
- Upfront fees
- $134
- Ongoing fees
- $10.00 monthly
- Discharge Fee
- $350.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $5,000
- maximum borrowing amount
- $3,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Bendigo Bank Express Home Loan
-
Discounted Home Value Loan
Owner Occupier, Principal & Interest, LVR 70-80%
interest rate
comparison rate
Initial monthly repayment6.09% p.a. variable6.09% p.a.Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).
CompareCompareDiscounted Home Value Loan
Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).
- interest rate
- 6.09% p.a. variable
- comparison rate
- 6.09% p.a.
- interest rate
- 6.09% p.a. variable
- comparison rate
- 6.09% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $15,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the HSBC Discounted Home Value Loan
-
Featured Product
Mozo experts choice awards won:
- Low Cost Home Loan - 2024
Unloan Variable
Investment, LVR <80%
interest rate
comparison rate
Initial monthly repayment6.29% p.a. variable6.20% p.a.Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
CompareCompareUnloan Variable
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
- interest rate
- 6.29% p.a. variable
- comparison rate
- 6.20% p.a.
- interest rate
- 6.29% p.a. variable
- comparison rate
- 6.20% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $10,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Investor
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Unloan Unloan Variable
-
Basic Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR<70%
interest rate
comparison rate
Initial monthly repayment5.99% p.a.
fixed 3 years6.12% p.a.No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
CompareCompareBasic Home Loan
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
- interest rate
- 5.99% p.a.
fixed 3 years
- comparison rate
- 6.12% p.a.
- interest rate
- 5.99% p.a.
fixed 3 years
- comparison rate
- 6.12% p.a.
- Upfront fees
- $350
- Ongoing fees
- $0.00
- Discharge Fee
- $400.00
- Extra repayments
- yes - up to $10,000 p.a.
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 70.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Macquarie Basic Home Loan
-
Fixed Rate
Owner Occupier, Principal & Interest, <80% LVR
interest rate
comparison rate
Initial monthly repayment6.54% p.a.
fixed 2 years7.10% p.a.Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.
CompareCompareFixed Rate
Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.
- interest rate
- 6.59% p.a.
fixed 3 years
- comparison rate
- 7.06% p.a.
- interest rate
- 6.59% p.a.
fixed 3 years
- comparison rate
- 7.06% p.a.
- Upfront fees
- $160
- Ongoing fees
- $0.00
- Discharge Fee
- $160.00
- Extra repayments
- yes - free up to to lesser of 5% of original fixed loan amount, or $5,000 each year
- Redraw facility
- no
- Offset account
- Optional - $10 per month - 1 year fixed term only
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $20,000
- maximum borrowing amount
- -
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- $3,000 cashback for eligible First Home Buyers, $2,000 cashback when you refinance loans of $250k+, apply from 1 Dec 2022, settle within 180 days.
Read our Mozo Review to learn more about the ANZ Fixed Rate
-
Basic Home Loan
Owner Occupier, LVR<60%, Principal & Interest
interest rate
comparison rate
Initial monthly repayment6.14% p.a. variable6.16% p.a.Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.
CompareCompareBasic Home Loan
Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.
- interest rate
- 6.14% p.a. variable
- comparison rate
- 6.16% p.a.
- interest rate
- 6.14% p.a. variable
- comparison rate
- 6.16% p.a.
- Upfront fees
- $350
- Ongoing fees
- $0.00
- Discharge Fee
- $400.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 60.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Macquarie Basic Home Loan
-
Mortgage Simplifier
LVR<80%, Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment6.14% p.a. variable6.17% p.a.Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.
CompareCompareMortgage Simplifier
Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.
- interest rate
- 6.14% p.a. variable
- comparison rate
- 6.17% p.a.
- interest rate
- 6.14% p.a. variable
- comparison rate
- 6.17% p.a.
- Upfront fees
- $299
- Ongoing fees
- $0.00
- Discharge Fee
- $250.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the ING Mortgage Simplifier
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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
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