February 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: 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.
Last updated 24 May 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.49 % p.a.
    Variable
    Comparison rate
    5.40 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • RATE CUT NOW LIVE!
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
  • Promoted

    Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.78 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,927
    Go to site
    • NRMA Home Loans has confirmed a rate cut of 0.25% p.a. effective 6 June
    • $0 application fee to pay
    • Apply in as little as 15 minutes
  • Promoted

    Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.69 % p.a.
    Variable
    Comparison rate
    5.70 % p.a.
    Initial monthly repayment
    $2,899
    Go to site
    • Regional Australia Bank has confirmed a rate cut of 0.25% p.a. effective 4 June
    • No application and monthly account keeping fees
    • Get up to $4,000 cashback (T&Cs apply)
  • Promoted

    Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    5.81 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • $0 application fee to pay
    • Additional repayments up to $20,000/year
    • Apply in as little as 15 minutes

  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.49 % p.a.
    Variable
    Comparison rate
    5.40 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • RATE CUT NOW LIVE!
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.91 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.96 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options

  • Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.69 % p.a.
    Variable
    Comparison rate
    5.70 % p.a.
    Initial monthly repayment
    $2,899
    Go to site
    • Regional Australia Bank has confirmed a rate cut of 0.25% p.a. effective 4 June
    • No application and monthly account keeping fees
    • Get up to $4,000 cashback (T&Cs apply)

  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.00 % p.a.
    Initial monthly repayment
    $2,899
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Up to 12 months repayments in advance without penalties
    • Split loan available

  • OMG Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.77 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • BCU Bank has confirmed a rate cut of 0.25% p.a. effective 10 June
    • No ongoing annual fees
    • Pre-approval valid for 3 months

  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    5.81 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • $0 application fee to pay
    • Additional repayments up to $20,000/year
    • Apply in as little as 15 minutes

  • Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.78 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,927
    Go to site
    • NRMA Home Loans has confirmed a rate cut of 0.25% p.a. effective 6 June
    • $0 application fee to pay
    • Apply in as little as 15 minutes

  • Budget Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • IMB Bank has confirmed a rate cut of 0.25% p.a. effective 30 May
    • Get up to $4,000 cashback (T&Cs apply)
    • Split loan available

  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.83 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.

  • Flex Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Fixed 2 years
    Comparison rate
    6.07 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • Multiple offset accounts available
    • Free extra repayments
    • Easy redraw facility

  • Neat Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.84 % p.a.
    Variable
    Comparison rate
    5.86 % p.a.
    Initial monthly repayment
    $2,947
    Go to site
    • ubank has confirmed a rate cut of 0.25% p.a. effective 29 May
    • Easy redraw facility
    • No annual fee to pay

  • Flex Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.84 % p.a.
    Variable
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $2,947
    Go to site
    • ubank has confirmed a rate cut of 0.25% p.a. effective 29 May
    • Free extra repayments
    • Multiple offset accounts available

  • Home Loan with Offset

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.88 % p.a.
    Variable
    Comparison rate
    5.89 % p.a.
    Initial monthly repayment
    $2,959
    Go to site
    • Regional Australia Bank has confirmed a rate cut of 0.25% p.a. effective 4 June
    • No application and monthly account keeping fees
    • Get up to $4,000 cashback (T&Cs apply)

  • Basic Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.88 % p.a.
    Variable
    Comparison rate
    5.91 % p.a.
    Initial monthly repayment
    $2,959
    Go to site
    • P&N Bank has confirmed a rate cut of 0.25% p.a. effective 10 June
    • No ongoing monthly loan maintenance fees
    • Weekly, fortnightly, or monthly repayment options

  • Offset Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.89 % p.a.
    Variable
    Comparison rate
    5.92 % p.a.
    Initial monthly repayment
    $2,962
    Go to site
    • BCU Bank has confirmed a rate cut of 0.25% p.a. effective 10 June
    • No ongoing monthly loan maintenance fees to pay.
    • Pre-approval valid for 3 months
Showing 16 results from 415 home loans. Use the filters to see more

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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

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