December RBA hike: which banks have increased home loan rates

By Maria Gil · · 2 min read
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people jumping off towers as the rba cash rate goes up

Last updated: 9 December at 10:03 am

The Reserve Bank Australia has increased the cash rate by 25 basis points for the eighth month in a row. Now the new rate sits at 3.10%.

With each change to the cash rate this year, lenders have raised their variable home loan rates in kind. As in previous months, chances are that financial institutions will pass on the rate hike to customers. The good news is that there won't be about potential increase until February 2023.

Which lenders have moved on home loan interest rates?

To help you keep track of significant changes from popular lenders, this page will be regularly updated with the size of the increase and when it will come into effect.

Below, we’ve also included a snapshot of the average owner occupier^ home loan rates in Mozo’s database as of 6 December 2022 for reference. These numbers are likely to continue increasing in the coming weeks.

Loan TypeAverage
Variable5.45%
1-year fixed5.43%
2-year fixed5.81%
3-year fixed6.01%
4-year fixed6.33%
5-year fixed6.48%

Big Four

woman picking up green blocks

ANZ

  • Effective 16 December, ANZ will increase is home loan variable rates by 0.25% p.a.

CBA

  • Effective 16 December, CBA will increase its home loan variable rates by 0.25% p.a.
  • It will also increase several of its savings accounts and term deposit products.

NAB

  • Effective 16 December, NAB will increase variable rates for home loans by 0.25% p.a.

Westpac

  • Effective 20 December, Westpac will increase its home loan variable rates by 0.25% p.a.
  • Effective 16 December, Westpac Life and Westpac’s Spend&Save will increase its saving rates.

Major Banks

girl picking pink blocks

Bank of Melbourne

  • Effective 20 December, it will increase its home loan interest rates by 0.25% p.a.

Bankwest

  • Effective 16 December, Bankwest will increase its variable home loans by 0.25% p.a.

BankSA

  • Effective 20 December, BankSA will increase home loan variable rates by 0.25% p.a.

ME Bank

  • Effective 10 December, ME Bank will increase its home loan variable rates by 0.25% p.a.
  • Its Online Savings Account will also increase by 0.25% p.a.

Bank of Queensland

  • Effective 9 December, BOQ will increase its variable home loan rates by 0.25% p.a.
  • It will also increase several of its savings accounts. 

ING

  • Effective 13 December, ING will increase its home loan variable rates by 0.25% p.a.
  • It will also increase its Savings Maximiser to 4.55% p.a.

Auswide

  • Effective 15 December, Auswide will increase its variable rates home loans by 0.25% p.a.

MyState Bank

  • Effective 19 December, MyState Bank will increase its home loan variable rates by 0.25% p.a.

Online Banks

people struggling to climb up a graph

Athena

  • Effective 8 December, Athena will increase its home loan variable rates by 0.25% p.a.

Virgin Money

  • Effective 9 December, Virgin Money will increase its variable home loans by 0.25% p.a.
  • It will also increase its Boost Saver account by 0.45% p.a.

Home loan comparisons on Mozo - last updated 20 May 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
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  • Fixed Rate

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    6.14% p.a. variable
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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.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

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