How has CommBank responded to the November RBA rate hike?

By Evlin DuBose · · 2 min read
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With inflation still much too high, the Reserve Bank of Australia (RBA) has hit the cash rate with its thirteenth hike, hammering in another 0.25%. Official interest rates now sit at a lofty 4.35%.

Borrowers comparing home loans with the Big Four will be keen to know how these latest hikes affect the largest bank in Australia, Commonwealth Bank.

Over the last year, CBA has passed along every RBA decision in full to its customers (totalling 4.25% p.a. worth of increases since May 2022). 

What is CBA doing about rate hikes?

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

While borrowers have been squeezed the most by the rate hikes, savings accounts and term deposits at CBA have seen some attractive boosts, too.

CBA has made efforts to keep itself competitive for home loans, especially to refinancers with the launch of a new digital home loan, the immensely popular Unloan.

This largely fee-free, variable rate home loan shaves 0.01% p.a. off the interest rate every year for up to 30 years (T&Cs apply). It’s available to refinancers only with at least 80% LVR. 

RELATED: How much could Unloan actually save you?

You can stay updated with moves made by the other Big Four members, or browse our brand new RBA rate tracker hub.

How will the rate hike affect you? Check with our new rate change calculator

Loan details

Rate change

Repayment change if rates go up

Looking for a home loan? Head over to our home loans comparison hub for more information on how the RBA rate change has affected offers.

Compare home loans - last updated 4 December 2023

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    interest rate
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    5.74% p.a. variable
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    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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  • Home Variable Rate

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    Enjoy a competitive variable interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply) Mozo Experts Choice award winner.

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  • Offset Home Loan

    Package, Owner Occupier, LVR<60%, Principal & Interest

    interest rate
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    Initial monthly repayment
    6.14% p.a. variable
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  • Flex Home Loan

    Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.19% p.a. variable
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    Variable Rate Home Loan Special Offer

    Package, Owner Occupier, Principal & Interest, LVR<80%

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    6.14% p.a. variable
    6.51% 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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* 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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