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

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

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 2022 | December 2022 | February 2023 | March 2023 | May 2023 | |
Westpac | 3.10% | 3.35% | 3.60% | 3.85% | - |
CBA | 2.85% | 3.10% | - | - | - |
ANZ | 2.85% | 3.10% | ... | ... | 3.85% |
NAB | 2.85% | 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
Repayment change if rates go up
How can Australians handle the rate hikes on the horizon?

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.
Compare low interest rate home loans - last updated 9 December 2023
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Featured Product
Mozo experts choice awards won:
- Low Cost Home Loan - 2023
Unloan Variable
Owner Occupier, Refinance Only, LVR <80%
interest rate
comparison rate
Initial monthly repayment5.74% p.a. variable5.65% p.a.For refinancers only. 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 in as little as 10 minutes.
CompareCompareUnloan Variable
For refinancers only. 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 in as little as 10 minutes.
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- 5.74% p.a. variable
- comparison rate
- 5.65% p.a.
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- 5.74% p.a. variable
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- 5.65% p.a.
- Upfront fees
- $0
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- 80.00%
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Read our Mozo Review to learn more about the Unloan Unloan Variable
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Mozo experts choice awards won:
- Packaged Home Loan - 2023
Variable Rate Home Loan Special Offer
Package, Owner Occupier, Principal & Interest, LVR<80%
interest rate
comparison rate
Initial monthly repayment6.14% p.a. variable6.51% p.a.Package benefits across Home Loans, Visa Credit Card, Personal Loans and Term Deposits. No package fee for the first year. No application, settlement or redraw fees to pay. Quick and easy application. Free CoreLogic RP Data property reports. *Terms, conditions and lending criteria apply.
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Package benefits across Home Loans, Visa Credit Card, Personal Loans and Term Deposits. No package fee for the first year. No application, settlement or redraw fees to pay. Quick and easy application. Free CoreLogic RP Data property reports. *Terms, conditions and lending criteria apply.
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- 6.14% p.a. variable
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- 6.51% p.a.
- interest rate
- 6.14% p.a. variable
- comparison rate
- 6.51% p.a.
- Upfront fees
- $0
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- $395.00 yearly
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- 80.00%
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- $150,000
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- type of mortgage
- Variable
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- Owner Occupier
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- $0 package fee for the first year.
Read our Mozo Review to learn more about the Credit Union SA Variable Rate Home Loan Special Offer
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Well Balanced Special Offer
Owner Occupier, Principal & Interest, LVR <80%
interest rate
comparison rate
Initial monthly repayment6.12% p.a. variable6.14% p.a.Competitive low rates available for owner occupiers. Free online redraws. 100% offset account for a small fee ($10 p/mth). Quick and easy application online. Get a free evaluation (Valued up to $300). Minimum loan amount $100K.
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Competitive low rates available for owner occupiers. Free online redraws. 100% offset account for a small fee ($10 p/mth). Quick and easy application online. Get a free evaluation (Valued up to $300). Minimum loan amount $100K.
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- 6.12% p.a. variable
- comparison rate
- 6.14% p.a.
- interest rate
- 6.12% p.a. variable
- comparison rate
- 6.14% p.a.
- Upfront fees
- $785
- Ongoing fees
- $0.00
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
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- yes - free
- Offset account
- Optional - $10 per month
- Maximum loan to value ratio
- 80.00%
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- $200,000
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- type of mortgage
- Variable
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- Owner Occupier
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- Weekly, Fortnightly, Monthly
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- -
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Mozo experts choice awards won:
- Low Cost Home Loan - 2023
Variable Home Loan 90
Principal and Interest, LVR <90%
interest rate
comparison rate
Initial monthly repayment6.04% p.a. variable6.06% p.a.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. Advertised rates include Nov RBA rate increase. T&Cs apply.
CompareCompareVariable Home Loan 90
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. Advertised rates include Nov RBA rate increase. T&Cs apply.
- interest rate
- 6.04% p.a. variable
- comparison rate
- 6.06% p.a.
- interest rate
- 6.04% p.a. variable
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- 6.06% p.a.
- Upfront fees
- $530
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- type of mortgage
- Variable
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- Special Offers
- -
Read our Mozo Review to learn more about the loans.com.au Variable Home Loan 90
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Simplicity PLUS Special Offer
Owner Occupier, Principal & Interest, LVR <80%
interest rate
comparison rate
Initial monthly repayment6.64% p.a. variable6.64% p.a.Refinance your eligible home loan of $250,000+ and 80% or less LVR and get $2,000 cashback (T&Cs apply) with ANZ’s Simplicity PLUS Home Loan Special Offer. Get discounted rates upfront on eligible loans (T&Cs apply). $0 set up or ongoing fees to pay. Verify your ID and sign documents online for super simple home loan refinancing.
CompareCompareSimplicity PLUS Special Offer
Refinance your eligible home loan of $250,000+ and 80% or less LVR and get $2,000 cashback (T&Cs apply) with ANZ’s Simplicity PLUS Home Loan Special Offer. Get discounted rates upfront on eligible loans (T&Cs apply). $0 set up or ongoing fees to pay. Verify your ID and sign documents online for super simple home loan refinancing.
- interest rate
- 6.64% p.a. variable
- comparison rate
- 6.64% p.a.
- interest rate
- 6.64% p.a. variable
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- 6.64% p.a.
- Upfront fees
- $160
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- $0.00
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- $160.00
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- Variable
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Read our Mozo Review to learn more about the ANZ Simplicity PLUS Special Offer
* 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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