How have CommBank, ANZ, NAB, and Westpac responded to the November RBA rate hike?

By Evlin DuBose · · 2 min read
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The Reserve Bank of Australia has delivered another aggressive 0.25% rate hike to the economy, bringing the official cash rate to 4.35%.

The Big Four banks had been predicting this decision. Inflation has been much too high, and economic cracks warning of a potential recession have started to show.  

Borrowers with the Big Four (CommBank, Westpac, ANZ, and NAB) have already borne the brunt of the RBA’s aggressive tightening cycle, with each bank passing along the hikes in full within days of the RBA’s decisions. Now, the average variable rate home loan with a Big Four bank sits at 7.21% p.a., according to Mozo data. However, the average variable rate across all banks is lower at 6.62% p.a. owner-occupiers. 

We will keep this page updated as more information follows.

For details on how other lenders and banks have responded to the RBA, check out our banking rate hike round up. You can also stay on top of the latest cash rate movements with our RBA rate tracker.

Commonwealth Bank

  • CBA will pass on the RBA's November cash rate rise to customers by increasing their variable home loan rates by 0.25%, effective 17 November, 2023.   

ANZ

  • Announced that it will increase variable interest rates for home, residential investment and line of credit loans by 0.25% on the 17th of November 

Westpac

  • Westpac announced a hike of 0.25% for new and existing variable interest rate home loans on the 21st of November.

NAB

  • It announced an increase to its standard variable interest rate home loans by 0.25% on the 17th of November.

What an RBA rate hike means for the market

After keeping rates pegged at 0.10% since November 2020, the RBA abandoned its cautious stance in May 2022 and increased the cash rate to stamp out runaway inflation.

The hawkish round of hikes has pushed the cash rate into 'contractionary' territory, meaning all hikes from this point on will contract the economy by raising unemployment and reducing spending.

The decisions have already made massive ripples across home loans and other financial products, such as term deposits and savings accounts, as well as the falling housing market itself.

Now more than ever, comparing home loans and refinancing could be key for borrowers looking to save on their monthly mortgage repayments.

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If you’re interested in comparing what’s on the market, head over to our home loan comparison hub to get started. You can also browse a selection of offers below.

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Last updated 13 September 2024 Important disclosures and comparison rate warning*

Home loan comparisons on Mozo

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    Fixed 2 years
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $2,995
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    Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee. Aussie support centre. Fast approvals. Up to 6 free offset accounts (T&Cs apply).

  • 3 Year Special Fixed Home Loan

    • Owner Occupier
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    Comparison rate
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    Initial monthly repayment
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    This home loan is available for purchase or refinance, complete with 1, 2 or 3 year fixed rate options. Minimum 10% deposit required.

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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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