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

By Maria Gil · · 4 min read
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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 compare more home loans here.
    Last updated 27 July 2024 Important disclosures and comparison rate warning*

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    • Unloan Variable

      • Owner Occupier
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      Interest rate
      5.99 % p.a.
      Variable
      Comparison rate
      5.90 % p.a.
      Initial monthly repayment
      $2,995
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      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
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      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.

    • Neat Home Loan

      • Owner Occupier
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      Interest rate
      6.09 % p.a.
      Variable
      Comparison rate
      6.11 % p.a.
      Initial monthly repayment
      $3,027
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      Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

    • Special Real Deal Home Loan

      • Owner Occupier
      • Principal & Interest
      • LVR <80%
      Interest rate
      6.09 % p.a.
      Variable
      Comparison rate
      6.13 % p.a.
      Initial monthly repayment
      $3,027
      Go to site

      Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.

    • Optimum Fixed Rate Home Loan

      • Owner Occupier
      • Principal & Interest
      Interest rate
      5.69 % p.a.
      Fixed 3 years
      Comparison rate
      6.34 % p.a.
      Initial monthly repayment
      $2,899
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      Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.

    • 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.

    • OMG Home Loan

      • Owner Occupier
      • Principal & Interest
      • <60% LVR
      Interest rate
      5.99 % p.a.
      Variable
      Comparison rate
      6.02 % p.a.
      Initial monthly repayment
      $2,995
      Go to site

      BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.

    • Flex Home Loan

      • Fixed
      • Owner Occupier
      • Principal & Interest
      • LVR <60%
      Interest rate
      5.99 % p.a.
      Fixed 3 years
      Comparison rate
      6.34 % p.a.
      Initial monthly repayment
      $2,995
      Go to site

      Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

    • Express Home Loan

      • Owner Occupier
      • Principal & Interest
      • LVR <90%
      Interest rate
      6.01 % p.a.
      Variable
      Comparison rate
      6.14 % p.a.
      Initial monthly repayment
      $3,001
      Go to site

      Get 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.

    • Neat Home Loan

      • Owner Occupier
      • Principal & Interest
      • LVR <60%
      Interest rate
      6.09 % p.a.
      Variable
      Comparison rate
      6.11 % p.a.
      Initial monthly repayment
      $3,027
      Go to site

      Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

    • Special Real Deal Home Loan

      • Owner Occupier
      • Principal & Interest
      • LVR <80%
      Interest rate
      6.09 % p.a.
      Variable
      Comparison rate
      6.13 % p.a.
      Initial monthly repayment
      $3,027
      Go to site

      Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.

    • 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.

    • Flex Home Loan

      • Owner Occupier
      • Principal & Interest
      • LVR <60%
      Interest rate
      6.14 % p.a.
      Variable
      Comparison rate
      6.38 % p.a.
      Initial monthly repayment
      $3,043
      Go to site

      Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 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.

    • 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
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      No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

    • Offset Home Loan

      • Fixed
      • Owner Occupier
      • Principal & Interest
      • LVR <70%
      Interest rate
      6.25 % p.a.
      Fixed 3 years
      Comparison rate
      6.42 % p.a.
      Initial monthly repayment
      $3,079
      Go to site

    • Fixed Rate

      • Owner Occupier
      • Principal & Interest
      • <80% LVR
      Interest rate
      6.54 % p.a.
      Fixed 2 years
      Comparison rate
      7.10 % p.a.
      Initial monthly repayment
      $3,174

      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.

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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.

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    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.

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