How has CommBank responded to the August RBA rate hike?

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The Reserve Bank of Australia (RBA) has cracked down on inflation once more with an aggressive 0.50% hike to the official cash rate. Borrowers comparing home loans with the Big Four banks will be keen to see how the biggest – Commonwealth Bank – reacts to this news. 

Over the last three months, CommBank has led the charge after every RBA decision, passing along the rises in full to its customers (totalling more than 1.75% worth of increases since May). They done it again for August with the full 0.50% rate increase to their variable home loan products.

From 12 August 2022, the new rates are:

  • P&I standard variable rate home loans for owner occupiers and investors will increase by 0.50% p.a.
  • Interest-only standard variable rate home loans for owner occupiers and investors will increase by 0.50% p.a.

While those with variable rate mortgages have been squeezed the most, savings accounts and term deposits have seen some attractive boosts lately, too. 

RELATED: How monetary policy impacts you–and what you can do about it

CommBank has also made efforts to keep themselves competitive, especially to refinancers, with the launch of its 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

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

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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 13 August 2022

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  • Variable Home Loan 70

    interest rate
    comparison rate
    Initial monthly repayment
    3.10% p.a. variable
    3.12% 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 30% deposit required.

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  • Unloan Variable

    Owner Occupier, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    3.14% p.a. variable
    3.06% 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.

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  • PAYG Home Loan

    Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    3.29% p.a. variable
    3.33% p.a.

    Low variable rate. Ideal for new home buyers or refinancers. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.

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  • Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    3.79% p.a. variable
    3.79% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% 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, loan amount and term entered. 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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