February RBA hike: which banks have increased home loan rates

people jumping off towers as the rba cash rate goes up

Last Updated: 13 February at 11:30am

The Reserve Bank Australia has increased the cash rate by 25 basis points putting the new rate at 3.35%.

With each change to the cash rate last year, lenders raised their variable home loan rates in kind. We expect the same to happen again. But don’t despair, the good news is that we might see increases to savings and term deposit rates as well.

Which lenders have moved on home loan interest rates?

To help you keep track of home loan interest changes, 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 7 February 2023 for reference. These numbers are likely to continue increasing in the coming weeks.

Loan TypeAverage
Variable5.68% p.a.
1-year fixed5.50% p.a.
2-year fixed5.82% p.a.
3-year fixed5.99% p.a.
4-year fixed6.29% p.a.
5-year fixed6.45% p.a.

Big Four

woman picking up green blocks

ANZ

  • Effective 17 Feb, ANZ will increase its home loan variable rates by 0.25% p.a.
  • Effective 14 Feb, ANZ Plus Save will increase to 4.00% p.a.

CBA

  • Effective 17 Feb, CBA will increase its home loan variable interest rates by 0.25% p.a.
  • Effective 10 Feb, its GoalSaver and Youthsaver accounts will increase to 4.00% p.a.

NAB

  • Effective 17 Feb, NAB will increase variable home loan rates by 0.25% p.a.

WESTPAC

  • Effective 21 Feb, Westpac will increase its home loan variable rates by 0.25% p.a.
  • Effective 21 Feb, Westpac Life will increase to 4.00% p.a., Westpac eSaver will increase to 4.00% for new customers for the first five months.

Major Banks

girl picking pink blocks

Virgin Money

  • Effective 10 February, Virgin Money will increase its variable home loan interest rates by 0.25% p.a.

Suncorp Bank

  • Effective 17 February, Suncorp will increase variable home loans rates by 0.25% p.a.
  • Effective 16 February, Suncorp's Growth Saver account will increase its interest rates to 4.25% p.a.

ME Bank

  • Effective 11 February, ME Bank will increase home loan variable rates by 0.25% p.a.

Bank of Queensland

  • Effective 10 February, BOQ will increase its home loan variable rates by 0.25% p.a.

MyState Bank

  • Effective 20 February, MyState Bank will increase variable home loan interest rates by 0.25% p.a.
  • Effective 13 February, its Bonus Saver account will increase to 4.35% p.a.

Macquarie Bank

  • Effective 22 Feb, Macquarie Bank will increase its variable home loan rates by 0.25% p.a.
  • Effective 22 Feb, it's saving account welcome rate will increase to 4.50% p.a.

Bankwest

  • Effective 17 Feb, Bankwest will increase its variable home loans by 0.25% p.a
  • Its hero Hero Saver rate will increase to 3.75% p.a. and its Easy Saver to 4.00% p.a.

BankFirst

  • Effective 24 Feb, BankFirst will increase its home loan variable rates by 0.35% p.a.

Newcastle Permanent 

  • Effective 17 Feb, Newcastle Permanent will increase its home loan variable interest rates by 0.25% p.a.

Great Southern Bank

  • Effective 15 Feb, Great Southern Bank will increase its variable home loan rates by 0.25% p.a.

ING

  • Effective 14 Feb, ING will increase its home loan variable rates by 0.25%
  • Its Savings Maximiser will increase to 4.80% p.a.

Bendigo Bank

  • Effective 17 Feb, Bendigo Bank will increase its home loan variable rates by 0.25% p.a.
  • Effective 23 Feb, its Reward Saver products will increase by 0.25% p.a.

Home loan comparisons on Mozo - last updated 26 May 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    6.25% p.a.
    fixed 3 years
    6.20% p.a.

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

    Compare
    Details
  • Discount Variable Home Loan

    Owner Occupier, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    6.01% p.a.

    A low rate home loan for owner-occupiers packed with great features including unlimited extra repayments, free online redraw, no application or monthly admin fees. Rate will vary depending on LVR. Winner of a Mozo Experts Choice 2024 Low Cost Home Loan Award^

    Compare
    Details
  • Discounted Home Value Loan

    Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.09% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).

    Compare
    Details
  • Fixed Rate

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    6.54% p.a.
    fixed 2 years
    7.10% p.a.

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

    Compare
    Details

* 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.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.