Will the RBA hike the cash rate in November 2022? CBA, NAB, Westpac, and ANZ home loan predictions

By Evlin DuBose · · 2 min read
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Collage of a man reaching a fork in a white line, one side going linear, the other curled and chaotic. Metaphor for RBA decision.

The Reserve Bank of Australia (RBA) has delivered an aggressive series of hikes to the cash rate for the last six months, bringing up the average variable rate home loan by more than 2% p.a. Now, official interest rates sit at 2.60%, which the RBA considers ‘neutral’ territory. 

Many economic pundits forecasted hefty hikes into the new year, but the RBA pivoted to a dovish 25 basis point move in October. As a result, many of the Big Four banks predict we’ve now entered a slowdown. 

So how much higher will rates go in 2022? And what will be the RBA’s November decision?

Let’s break down the economic forecasts.

Westpac, CBA, NAB, and ANZ rate predictions for November

Collage of a man riding a rising graph line, like how interest rates are going up, up, up.

Westpac has been the champion of steep hikes since the RBA began lifting rates in May 2022. In the bank’s hawkish view, runaway inflation can only be combatted with equally swift movements to the cash rate. 

RELATED: How does the cash rate combat inflation? Monetary policy explained

Until recently, Westpac had been predicting a 3.60% cash rate peak by February 2023. But with the September 2021 - 2022 Consumer Price Index clocking in at a staggering 7.3%, Westpac has revised its timeline by heightening the peak to 3.85% in March 2023.

To hit that target, Westpac has hedged its forecast on 50 bp move in November, followed by smaller 25 bp shifts in December, February, and March. The RBA doesn’t meet in January. 

The other big four banks back another 25 bp rise in November. Commonwealth Bank (CBA) and NAB come as the most cautious, predicting the era of rate hikes will end at 3.10% in December.

Cash rate peak predictions from the big banks - 27 October 2022

November 2022December 2022February 2023March 2023May 2023
Westpac3.10%3.35%3.60%3.85%-
CBA2.85%3.10%---
ANZ2.85%3.10%......3.85%
NAB2.85%3.10%---

ANZ Research announced on Twitter that evidence strongly supports 25 bp rises in November and December, revising its final cash rate to 3.85% in May 2023. 

Unfortunately, there’s little chance of a rate cut or no change to the cash rate in November, but borrowers can still prepare for the rising rates – it’s all about tightening the belt and getting clever with your finances.

Loan details

Rate change

Repayment change if rates go up

How can Australians handle the rate hikes on the horizon?

A modern house riding a rising graphline, metaphor for mortgage rates going up.

Until inflation comes under control, rate rises will be the norm – and all that they entail.

RBA decisions have already dragged down housing growth across Australia, with price drops reported in nearly 80% of property markets. With sellers past the profitable peak and buyers limited in their borrowing capacity, navigating the falling market has become key to making the most of the moment. 

RELATED: Can't afford city prices? Rentvesting could be a good option

But while capital growth slows, other banking products like term deposits and high-interest savings accounts have ballooned with attractive rates. If you can afford to park some emergency savings, now is an excellent time to compare options to see if you’re getting the best bang for your buck.

Keep a finger on the property pulse with our home loan news hub. Compare low-interest home loan offers below.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more home loans here.
Last updated 15 January 2025 Important disclosures and comparison rate warning*
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Your loan-to-value ratio (LVR): 50%

Loan amount and LVR will affect interest rates.

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    Initial monthly repayment
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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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