August RBA rate hike: Which banks have increased home loan rates?

people jumping off towers as the rba cash rate goes up

Last Updated: 10:00am 9 August

The Reserve Bank Australia announced another cash rate hike–this time by 50 basis points bringing the official rate to 1.85%.

This is the fourth increase of the year, with many economists speculating that we will continue to see more rate rises well into 2023. Westpac and NAB experts predict that the official cash rate will peak at 3.35%.

In the past three months, we’ve seen lenders increase their interest rates for variable home loan rates, fixed home loan rates, savings accounts and term deposits. In July, we saw about 71% of lenders tracked in Mozo’s database pass the whole 50bp hike to customers. It’s likely that we will see similar movement for August’s rate hike.

Which lenders have moved on home loan interest rates?

Banks and lenders’ response times to today’s announcement will vary. To help you keep track of major changes this page will be regularly updated with the size of the rate hike and when it’ll come into effect.

Below we’ve put a snapshot of the average owner occupier^ home loan rates in Mozo’s database as of 2 August 2022 to reference. These numbers are likely to jump in the coming weeks.

Loan TypeAverage
Variable4.10% p.a.
1-year fixed4.84% p.a.
2-year fixed5.43% p.a.
3-year fixed5.79% p.a.
4-year fixed6.17% p.a.
5-year fixed6.29% p.a.

Big Four

people struggling to climb up a rising graph for big banks rba rates

Commonwealth Bank

  • Effective 12 August, CBA will increase its home loan variable interest rates by 0.50% p.a.
  • Effective 12 August, the NetBank Saver will increase to 0.85% p.a. with a 5-month introductory rate of 1.80% p.a.
  • Effective 8 August, its 18-month term deposit will be at 3.00% p.a.

ANZ

  • Effective 12 August, ANZ will increase its home loan variable interest rates by 0.50% p.a.
  • Effective 8 August, ANZ Plus Saver account will increase to 2.50% p.a.
  • Effective 8 August, ANZ will have a 11-month term deposit with a 3.00% p.a. interest rate.

Westpac

  • Effective 18 August, Westpac will increase its variable home loan interest rates
  • Effective 9 August, Westpac will offer a special 4-year fixed rate of 4.99% p.a.
  • Effective 18 August, Westpac Life's interest rate will increase to 1.80%.
  • Westpac's Spend&Save will increase to 3.25% p.a.
  • Westpac eSaver will increase to 0.85% p.a. and its 5 month introductory rate will increase to 1.80% p.a.
  • Effective 8 August, Westpac will offer a 3.00% p.a. rate for 12-23 month term deposits.

NAB

  • Effective 12 August, NAB will increase its variable home loan interest rates by 0.50% p.a.
  • Effective 12 August, NAB will also increase its iSaver and Reward Saver by 0.50% p.a.
  • It's 12-month term deposits will increase to 3.00% p.a.

Banks

woman picking up a green block for bank rba hikes

Macquarie Bank

  • Effective 12 August, home loan variable rates will increase by 0.50% p.a.
  • Effective 5 August, some fixed home loan rates will decrease by 0.75% p.a.
  • Effective 12 August, Macquarie's savings account interest rates will increase by 0.50% p.a. to a total of 2.25% p.a.
  • Effective 3 August, new Macquarie customers receive an introductory savings rate of 3.10% p.a. for the first four months.
  • Effective 4 August, several of Macquarie's term deposit rates will increase. 3 month term (2.35% p.a.), 6 month term (2.70% p.a.), 9 month term (3.00% p.a.), and  12 month term (3.30%)

Bank of Queensland

  • Effective 9 August, BOQ's variable home loan interest rates will increase by 0.50% p.a.

ME Bank

  • Effective 6 August, ME Bank will increase its variable home loan interest rates by 0.50% p.a.

Virgin Money

  • Effective 9 August, Virgin will increase its variable interest rates for home loans by 0.50% p.a.

Bankwest

  • Effective 12 August, Bankwest will increase its variable interest rate for home loans by 0.50% p.a.
  • Bankwest will also increase its savings accounts by 0.50% p.a. Its Variable Hero Rate will be at 2.00% p.a. and its Easy Saver Rate will be at 1.80% p.a.

MyState Bank

  • Effective 15 August, MyState Bank will increase its home loan variable interest rates by 0.50% p.a.

Australian Unity Bank 

  • Australian Unity Bank is increasing its variable home loans by 0.50% p.a from 5 August for existing customers and 12 August for new customers.

Suncorp Bank

  • Effective 12 August, it will increase its home loan variable interest rates by 0.50% p.a.

BankSA

  • Effective 18 August, BankSA will increase its variable home loan interest rates by 0.50% p.a.

Bank of Melbourne

  • Effective 18 August, Bank of Melbourne will increase its home loan variable interest rates by 0.50% p.a.

Newcastle Permanent 

  • Effective 12 August, Newcastle Permanent will increase its home loan variable interest rates by 0.50% p.a.
  • It will also offer a special 3.05% p.a. interest rates for its 12-month term deposits.

Bendigo & Adelaide Bank

  • Effective 12 August, the banks will increase home loan variable interest rates by 0.50% p.a.

Australian Military Bank

  • Effective 17 August, variable home loans will increase by 0.50% p.a.
  • Effective 5 August, Australian Military Bank will increase several of its deposit taking products.

Greater Bank

  • Effective 10 August, Greater Bank will increase its variable home loans by 0.50% p.a.

RAMS

  • Effective 18 August, RAMS will increase its variable home loans by 0.50% p.a.

Qudos

  • Effective 18 August, Qudos Bank will increase its variable home loans, personal loans, and some credit cards by 0.50% p.a.
  • Qudos will also increase its Bonus Saver rate by 0.50% p.a., while the QSaver rate will only increase by 0.40% p.a.

Queensland Country Bank

  • Effective 19 August, Queensland Country bank will increase its variable home loans by 0.50% p.a.

St. George

  • Effective 18 August, St. George will increase its variable home loans by 0.50% p.a.

ING

  • Effective 9 August, ING will increases its variable home loans by 0.50% p.a.
    ING'S Savings Maximiser account will also increase its maximum interest rate to 3.10% p.a.

Family First Credit Union

  • Effective 4 August, Family First Credit Union will increase its variable home loans by 0.50% p.a.

Bank of us

  • Effective 5 August, Banks of us will increase its variable home loans by 0.50% p.a.

Auswide Bank

  • Effective 12 August, Auswide Bank will increase its variable home loans by 0.50% p.a.

AMP Bank

  • Effective 12 August, AMP will increase its variable home loans by 0.50% p.a.

  • Online Lenders

    girl picking pink blocks of rba hikes for online lenders

    Homestar Finance

    • Effective 4 August, Homestar will increase its variable home loan interest rates by 0.50% p.a.

    loans.com.au

    • Effective 5 August, loans.com.au will increase its variable home loans by 0.50% p.a.

    firstmac

    • Effective 5 August, firstmac will increase its variable home loans by 0.50% p.a.

    Athena Home Loans

    • Effective 4 August, Athena Home Loans will increase its variable home loans by 0.50% p.a.

    Worried about about getting a home loan? Check out our home loan comparison page for more information. Or look at our home loan rate change calculator to see how the new hike might affect your repayments.

    Loan details

    Rate change

    Repayment change if rates go up

    Home loan comparisons on Mozo

    Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 473 home loans.
    Last updated 21 June 2024 Important disclosures and comparison rate warning*
    • Unloan Variable

      • Owner Occupier
      • LVR <80%
      Interest rate
      5.99 % p.a.
      Variable
      Comparison rate
      5.90 % p.a.
      Initial monthly repayment
      $2,995
      Go to site

      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.

    • Basic Home Loan

      • Owner Occupier
      • LVR<60%
      • Principal & Interest
      Interest rate
      6.14 % p.a.
      Variable
      Comparison rate
      6.16 % p.a.
      Initial monthly repayment
      $3,043
      Go to site

      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.

    • Offset Home Loan

      • Owner Occupier
      • LVR<60%
      • Principal & Interest
      Interest rate
      6.14 % p.a.
      Variable
      Comparison rate
      6.39 % p.a.
      Initial monthly repayment
      $3,043
      Go to site

      Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

    • Unloan Variable

      • Owner Occupier
      • LVR <80%
      Interest rate
      5.99 % p.a.
      Variable
      Comparison rate
      5.90 % p.a.
      Initial monthly repayment
      $2,995
      Go to site

      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.

    • Discount Variable Home Loan

      • Owner Occupier
      • LVR<70%
      Interest rate
      5.99 % p.a.
      Variable
      Comparison rate
      6.01 % p.a.
      Initial monthly repayment
      $2,995
      Go to site

      A low rate home loan for owner-occupiers packed with great features including unlimited extra repayments, free online redraw, no application or monthly admin fees. Rate will vary depending on LVR. Winner of a Mozo Experts Choice 2024 Low Cost Home Loan Award^

    • Variable Home Loan 90

      • Principal and Interest
      • LVR <90%
      Interest rate
      6.04 % p.a.
      Variable
      Comparison rate
      6.06 % p.a.
      Initial monthly repayment
      $3,011
      Go to site

      Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.

    • Fixed Rate Loan

      • Owner Occupier
      • Principal & Interest
      • LVR <80%
      Interest rate
      6.09 % p.a.
      Fixed 3 years
      Comparison rate
      6.15 % p.a.
      Initial monthly repayment
      $3,027

      Additional repayments of up to $10K per fixed year. Interest rate discounts available. Waiver of $499 application fee when combined with an Orange Advantage Home Loan.

    • The Better Home Loan Special Offer

      • Owner Occupier
      • Principal & Interest
      • LVR<80%
      Interest rate
      6.14 % p.a.
      Variable
      Comparison rate
      6.14 % p.a.
      Initial monthly repayment
      $3,043
      Go to site

      Enjoy a variable rate home loan with a bunch of features from Police Credit Union. Make extra repayments at any time without penalty. No monthly, annual or upfront fees. Free online redraw. Minimum 20% deposit. Qualifying criteria applies. Minimum loan amount is 200K. For new customers only. Mozo Experts Choice Home Lender Credit Union of the Year 2023.

    • Basic Home Loan

      • Owner Occupier
      • LVR<60%
      • Principal & Interest
      Interest rate
      6.14 % p.a.
      Variable
      Comparison rate
      6.16 % p.a.
      Initial monthly repayment
      $3,043
      Go to site

      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.

    • Mortgage Simplifier

      • LVR<80%
      • Owner Occupier
      • Principal & Interest
      Interest rate
      6.14 % p.a.
      Variable
      Comparison rate
      6.17 % p.a.
      Initial monthly repayment
      $3,043

      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.

    • Offset Home Loan

      • Owner Occupier
      • LVR<60%
      • Principal & Interest
      Interest rate
      6.14 % p.a.
      Variable
      Comparison rate
      6.39 % p.a.
      Initial monthly repayment
      $3,043
      Go to site

      Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

    • Basic Home Loan

      • Fixed
      • Owner Occupier
      • Principal & Interest
      • LVR<70%
      Interest rate
      6.25 % p.a.
      Fixed 3 years
      Comparison rate
      6.20 % p.a.
      Initial monthly repayment
      $3,079
      Go to site

      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.

    • Fixed Rate

      • Owner Occupier
      • Principal & Interest
      • <80% LVR
      Interest rate
      6.59 % p.a.
      Fixed 3 years
      Comparison rate
      7.06 % p.a.
      Initial monthly repayment
      $3,190

      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.

    image of houses

    Need help with refinancing?

    You might have questions that need personal answers. We’ve teamed up with the mortgage brokers at Lendi to get you the answers you need, and a home loan deal you deserve.

    Learn more

    * 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

    Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

    While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.